Forest City: Barclays to Open "Late Spring/Early Summer of 2012"
by Net Income on Jun 15, 2010 11:51 AM EDT
in Brooklyn
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The CEO of Forest City Enterprises, Bruce Ratner's parent company, told investors Monday, "All projected debt and equity needed to complete the arena construction has been fully funded, and we expect to open in late spring/early summer of 2012." Forest City is the company ultimately responsible for building Barclays Center.
Charles Ratner, the CEO--and Bruce's cousin, added, "Suffice it to say, we’re very excited about the progress of the project and the team and our new partner, we’re moving forward aggressively."
Ratner spoke early Monday. Later, in Newark, Mikhail Prokhorov, echoed his comments, saying the Nets will be staying in Newark for two years. In other Nets-related news out of the investor conference call, Joanne Minieri, who runs Forest City Ratner, FCE's Brooklyn subsidiary, said Prokhorov will be assuming most of the team's debt in the future.
"During the pre-Brooklyn period, there's a condition within the sale, Mr. Prokhorov will cover the first $60 million, we have a little bit of exposure," she said. "Post Brooklyn, we and partners are 20% owners. I would say that Mr. Prokhorov as the managing member.. .will likely handle most of the losses going forward."
- Forest City Enterprises - Investors Conference Call (Audio) - Forest City Enterprises
- Forest City executives call AY "real value proposition" - Norman Oder - Atlantic Yards Report
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That’s not that bad…so the start of the 2012-2013 season
by Andy. on Jun 15, 2010 11:59 AM EDT via mobile reply actions
makes sense.
….and I’m sure that the war of words will begin in here quite soon
"No one stands on the top of the world. Not you, not me, not even gods. But the unbearable vacancy of the throne in the sky is over. From now on...I will be sitting on it."
I pray for a new NJ NBA team if we lose the Nets. I never thought it would be possible to hate a team as much as the Knicks but if Ratner and Prokhorov do indeed steal the Nets from us, I will match the level of dislike I have had for the Knicks with them and their team.
think happy thoughts
"No one stands on the top of the world. Not you, not me, not even gods. But the unbearable vacancy of the throne in the sky is over. From now on...I will be sitting on it."
by MrDollarBills on Jun 15, 2010 1:27 PM EDT up reply actions
Too far away for the Maloofs.
They have said that they prefer to stay close to Vegas.
New collective bargaining agreement is simple. Give small markets a larger share of the national tv revenue sharing pie, limit MLE's to teams under the lux tax threshold, allow owners to terminate one deal every other year provided players have played at least 3 years on it and limit raises to 5 and 10%
I would guess the...
Milwaukee Bucks would be the ones to relocate to Newark and the Kings if they can’t get Las Vegas, they would sign up with San Jose or Anaheim. Still surprises me that Kansas City hasn’t gotten an NBA or NHL team with the Sprint Center or hell even Tulsa, OK has a great new arena in BOK Center plus the KFC Yum Center in Louisville, KY. Uh, relocation can make you dizzy.
not "that" Jersey Shore...Point Pleasant, 10 refreshing miles north of Seaside.
by John at the Jersey Shore on Jun 15, 2010 5:22 PM EDT up reply actions
Great question. Hopefully sooner rather than later.
New collective bargaining agreement is simple. Give small markets a larger share of the national tv revenue sharing pie, limit MLE's to teams under the lux tax threshold, allow owners to terminate one deal every other year provided players have played at least 3 years on it and limit raises to 5 and 10%
Seems like taking down 636 Pacific Street is the limiting factor, so that they can finish the foundation.
We haven’t seen a recent detailed update. I’m not a believer that the 5 month timetable presented to the Condemnation Judge was what they really expect.
Maybe Vandals will happen to set the place on fire? I still haven’t heard whether or not they are allowed to use a Wrecking Ball?
No matter what Forrest City says, they have to convince the people at ESPN it will be ready. That is where the Free Agents and their agents get their news, as well as from text messages amongst themselves. So far ESPN people make up their own timetable.
" I would say that Mr. Prokhorov as the managing member.. .will likely handle most of the losses going forward.[after moving to Brooklyn]"
The Nets won’t be profitable in Brooklyn? Oops.
by ispartan on Jun 15, 2010 1:43 PM EDT via mobile reply actions
I stuck with this team
from the ABA to New Jersey, for 33 years … why can’t you New Jersey-ites stick with them when they come back to Long Island?
by Arbourisgod on Jun 15, 2010 4:29 PM EDT reply actions 1 recs
Amen
I have been a fan since the early ABA days. I moved from New York to PA and I now live in Florida.
Go Nets, the great ABA days are near again.
On paper, Brooklyn is the perfect compromise.
For Dr. J loving Long Islanders getting to the west end (Brooklyn) is only a trip on the LIRR. For Buck Williams loving New Jersians it’s the PATH to the subway. For the K-Mart generation, well, uhm, unfortunately the K-Mart generation never went games so uhm, nevermind.
The future is not written in stone
Years from now, this project can run into newer delays such as costs, which is very common for many mega projects in this economy. Of course I wouldn’t be surprised about that. Either way, things can change by then and projections end up not being met. This has already been the case at the WTC site, though it’s an actual public project unlike this one, and it will most likely be one here as well.
Uh, Tal
Let me help you…under the agreement between Prokhorov and Ratner, if there is a cash shortage, Prokhorov has agreed to pump more of his own money into the project. In return for what constitutes a small amount of cash, Prokhorov will gain control of the arena project, with his stake going from 45% to 80%.
I read this all on Norman Oder’s Atlantic Yards Report.
Now, if the economy goes bad, and I know how you guys all see that as a good thing, we can expect certain changes in the markets. For one, there will be a flight to gold, which has already begun. The price of gold is already at an all-time high, more than $1,200. Where does most of Prokhorov’s wealth come from? Gold.
You keep forgetting something here
Net Income, it has been mentioned numerous times that the money for the arena and the rest of the complex will come from the taxpayers of NY, not from Ratner or Proky. It was never intended to paid for privately from the start. In the end, us taxpayers are going to be oweing billions, while Ratner will get nothing but subsidized bonds from this. Proky’s money will be more on trying to to get good players, but he is not the majority holder of the arena or the rest of the complex, Ratner is and will remain that.
by Tal Barzilai on Jun 15, 2010 8:11 PM EDT up reply actions
I am proud to be funding the Nets new home!!!
by rundmc00 on Jun 15, 2010 8:16 PM EDT up reply actions 1 recs
I know what it probably means
It’s most likely an insult aimed at me, which is a real hit below the belt.
by Tal Barzilai on Jun 15, 2010 9:15 PM EDT up reply actions
Tal please that was not an insult
Acronym : To The Top
This is mainly used in discussion boards where you bring your thread back up to the top so others may see it and can respond.
Curious though, what did you think I was saying?
-Say man when I was growing up we wanted a Jacuzzi, we had to fart in the tub.
not "that" Jersey Shore...Point Pleasant, 10 refreshing miles north of Seaside.
by John at the Jersey Shore on Jun 15, 2010 9:55 PM EDT up reply actions
and it is upsetting that you can't reply to me
when I called you out and I am right
-Say man when I was growing up we wanted a Jacuzzi, we had to fart in the tub.
Keep in mind
I am not online 24-7. Just because I don’t answer you immediately, doesn’t mean that I don’t have the answer. I do have a life outside of message boards and other websites such as this. In other words, there will be days I am not going to be here, because I was busy doing other things.
by Tal Barzilai on Jun 16, 2010 5:24 PM EDT up reply actions
OK great you replied
So, do you see that I was in fact NOT insulting you in any way?
-Say man when I was growing up we wanted a Jacuzzi, we had to fart in the tub.
Yeah me too.
Sucks for Knicks fans though! lol
" I'm really excited to take the worst team in the league and turn it to be the best in the league." --Mikhail Prokhorov.
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