SBD/Issue 72/Facilities & Venues

Forest City Ratner Officially Closes On Atlantic Yards

Nets Owner Bruce Ratner Closes On
Atlantic Yards Development In Brooklyn
Forest City Ratner (FCR) Chair & CEO and Nets Owner Bruce Ratner announced Wednesday that his company has executed all necessary documents and officially closed on its Atlantic Yards development in Brooklyn, which includes the Nets' Barclays Center. The closing includes the issuance of bonds and the execution of various real estate documents, including the arena lease, financing, development and purchase and sale agreements (FCR). In N.Y., Rich Calder wrote Ratner "appears to have sealed the deal to bring the Nets to Brooklyn." New York state officials in the wake of the agreement "wasted little time kicking off eminent domain proceedings to seize private land the arena and housing project needs." The state "petitioned the courts to condemn private property yet to be obtained for the 22-acre project," and state officials said that they "expect to have all the land needed for the project's first phase -- which includes the arena -- by February 1." However, Calder noted Atlantic Yards opposition group Develop Don't Destroy Brooklyn "plans to submit yet another suit" against the development (N.Y. POST, 12/24).

NEARING REALITY: In N.Y., Charles Bagli wrote Atlantic Yards is "showing big signs of moving forward." Ratner: "It's incredible. I always told everyone that it was going to get done, but there were moments when I don't think I really believed it myself" (NYTIMES.com, 12/23). The WALL STREET JOURNAL's Matthew Futterman wrote under the header, "Nets' Brooklyn Arena Appears Inevitable With Financing Deal" (WSJ.com, 12/23). 

FALLING PRICES: In N.Y., Kate Nocera noted premium tickets to Nets games are "selling for less than the cost of a stadium beer -- as little as $7 -- on sites like eBay and StubHub.com." Three tickets in Section 8 of the Izod Center's lower level, "seats that would normally go for $125 in better times," were bought for $7 for last Wednesday's game against the T'Wolves. Nocera noted Nets tickets are "even less expensive" than tickets for Seton Hall Univ. men's basketball games, as those tickets are "priced at $28 a pop this season" (N.Y. DAILY NEWS, 12/27).

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