Forest City Announces It Has Financing to Build Barclays Center
by Net Income on Jun 9, 2010 10:03 PM EDT
in Brooklyn
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Forest City Enterprises announced Tuesday that it now has all the money it needs to complete the billion dollar Barclays Center by 2012. It will be the most expensive arena ever built...anywhere.
In a statement of its quarterly earnings, FCE, Bruce Ratner's parent company, briefly noted, "All projected debt and equity needed to complete the construction has been fully funded and the Company expects the arena to open in 2012." FCE's New York subsidiary, Forest City Ratner, will build the arena, for a 5% development fee. In previous statements it reported Barclays Center should be open in time for the 2012-13 season, which will require construction to be complete by July. The NBA requires a four-month "qualification" period to test everything from security to heat and AC.
Much of the funding comes from the $511 million bond sale in December,. Mikhail Prokhorov's Onexim Group is providing several hundred million more while the state and city is funding infrastructure improvements at the site. Prokhorov will control 45% of the arena but under certain conditions, the stake can go up to 80%.
- Forest City Enterprises reports better first-quarter results, AY milestones - Norman Oder - Atlantic Yards Report
- Bruce Ratner Closes on $5M Hampton Bays Oceanfront Estate - Ian Ratner - Curbed
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What a great day in Nets land...
Morph…are you still sure it won’t be built? You always have an act of God to hope for.
the advantage of a rich owner
as Cuban has pointed out is that he can eat the cost of tickets to get a fan base.
One reason why it is so expensive is security. The arena will be wrapped in a steel curtain.
but not all rich owners do that
are we sure Prokhy will?
I wonder if Carl Everett believes Jamie Moyer exists.
We will still be footing the bill
No matter what shape FCR is in, the overall costs will still go to the taxpayers. This is the case for many new sports facilities and it’s whether or not those that will own are in good or bad shape. The most important thing is that they will not be paying for it. Since this is the right place for it, I suggest that you see Stadium Status from Internet Celebrities, which features Neil deMause, who is the author of the novel “Field of Schemes”, if any of you are not doing anything in the next 20 minutes, because that’s its time length. BTW, that video is about all the recently built stadiums and arenas and their impacts on where they are and how they are funded as well, so I suggest watching it.
I'm happy
as a New York taxpayer to be financing an iconic public arena and major civic improvement.
the revenue around the arena will sky rocket. Restaurants, bars, Parking , the money from mass transit, the jobs created. For the community it can be a very good thing.
really?
really? where has that ever happened?
by ballhog2010 on Jun 10, 2010 11:32 AM EDT up reply actions
thats actually a good question
I always hear that pre arenas or stadiums being built but I’ve never actually seen any evidence of it being true post arena
I wonder if Carl Everett believes Jamie Moyer exists.
yankees
hasn’t happened with the best franchise and most famous stadium in the world. the opposite has happened.
even Ratner and Proky don’t pretend it is about basketball. why should you?
by ballhog2010 on Jun 10, 2010 11:34 AM EDT up reply actions
I hope you enjoy paying for Barclays!
I know I will.
Question
Did anyone here actually watch the video from the link that I gave or are you just refusing to see it in the fear that I am rigth about what I said?
by Tal Barzilai on Jun 10, 2010 7:31 PM EDT up reply actions
The biggest real estate scam of my lifetime
Absolutely disgraceful that some so-called Nets fans are still supporting this. It is outrageous and a sad day for the borough of Brooklyn (who by and large could care less about this billion-dollar project to be funded largely by tax payers) and for actual New Jersey Nets fans that are losing their team.
David Stern continues to make a mockery out of his league that has little to no respect throughout this country. The Nets have a operfectly acceptable 400 million dollar arena in place and ready for them in their home state and yet he sees the need for a billion dollar arena in a city which already has an NBA team and in an area that could greatly benefit from some public oriented facilities like schools or a library.
This is PATHETIC.
if you ever have something new to say
call me.
Everything is the worst this, an outrageous that, sad this, etc.
Also, a bit of truth telling is always appreciated.
ok Net Income
Which of the following statements made above were not true?
- tax payers will be heavily supporting this arena
- New Jersey is losing its team
- the Nets already have a near brand new arena (and quite expensive) waiting for them in their home state
- the NBA has little respect in this country
- the public would be better served by schools or a library in that space
The entire second half of your last post...
Was pure conjecture. It’s your opinion, which is fine. Everyone is entitled to one. Just don’t present it as fact.
'The Crossover' - a Nets and Knicks podcast. http://phobos.apple.com/WebObjects/MZStore.woa/wa/viewPodcast?id=268817312
you missed one
but also, that the NBA has little respect is this country is completely unsubstantiated and wrong.
now, go back and find the other untruth.
Great news
Can’t wait to see pictures of the various stages of building. We have past the bitchin and whining stage, so now, dig!
It is finally all about basketball...
Except for Tal and Isaac. Even DG is taking it easy and enjoying his 3M.
by rundmc00 on Jun 10, 2010 7:26 AM EDT via mobile up reply actions
For the unteenth time
It was never about baskettball, it was about a rich owner wanting to build another complex of his by using taxpayer dollars. He used the Nets as his Trojan Horse just to please certain politicians otherwise they would never support it in the first place. Perhaps we should look at MTC and see how much of epic fail it was to revitalizing downtown Brooklyn with the fact that many of the places that it provides are available durring office hours, and when it’s closing time, everything there pretty much shuts down making it a ghost town. Why is it so important that the city and state allow to fund for this when there are so many places in the public sector that are being forced to either downsize or shut down because of the lack of funding for them? BTW, why build a sports facility there now when even Robert Moses didn’t see the need for one there then when he turnned down O’Malley’s idea to have one where the Atlantic Center Mall is now and offered to have where the Mets are playing right now? Finally, please see the video on why new sports facilities do not actually help the surrounding areas they are in.
by Tal Barzilai on Jun 10, 2010 7:48 PM EDT up reply actions
Then disprove it
Explain where this is about baskettball especially comming from a person who had openly admitted that he never had any prior interests in owning a sports let alone never collecting any sport memorbellia or even being athletic.
by Tal Barzilai on Jun 10, 2010 8:17 PM EDT up reply actions
are you talking about Prokhy or Ratner?
Cause I think we all agree Ratner is slimy
I wonder if Carl Everett believes Jamie Moyer exists.
You should know
I was referring to Ratner in that statement.
by Tal Barzilai on Jun 11, 2010 4:32 AM EDT up reply actions
MORPH
Where are youuuuuuuu
-Say man when I was growing up we wanted a Jacuzzi, we had to fart in the tub.
He's working work...
To fund the new arena with his tax dollars.
I logged in jsut to talk to him on this thread
It is so sad :(
I want to know why the arena won’t happen!
I demand answers!
-Say man when I was growing up we wanted a Jacuzzi, we had to fart in the tub.
Freddy's
Tomorrow there will be a showing of a documentary known as Freddy’s. It is about the known bar that was forced to sell despite how many great reviews it had. The location of the film will be at the indieScreen located at 285 Kent Avenue over in Brooklyn at 6 PM. I did hear that Donald O’Finn will be there for a Q&A session after the film ends, so it’s a good chance to ask him questions you have for him. To attend, click the link below.
http://www.brooklynfilmfestival.org/films/detail.asp?fid=1079
Bigger irony
You probably don’t want to see that film, because you are probably more afraid of them then they are of you or you just biased to the side you want to hear. A true journalist looks at both sides of the issue, not just the one he links. Of course you are not a true journalists, because you fail to look at the side that is being forced to give up. I know you have some questions that are waiting to be answered by O’Finn, which only he could give, but you will never have them answered, because you don’t want to go. The admission is only ten bucks, and that’s not a lot. Also, please watch the link I gave about Stadium Status. Don’t judge something without ever seeing it, because there is a good chance you can be wrong about they way you judge it. On a sidenote, I know many who keep making claims about films done by Michael Moore just to get their 15 minutes of fame when they have never seen any of his films to begin with.
by Tal Barzilai on Jun 10, 2010 8:28 PM EDT up reply actions
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