clock menu more-arrow no yes

Filed under:

Is Prokhorov Ready to Invest Another $120 Million in Brooklyn?

New, comments
Ellerbe Becket
Ellerbe Becket

Mikhail Prokhorov has already agreed to invest $200 million for 80% of the Nets and 45% of Barclays Center, pay off $175 million in Nets' debt and eat up to $60 million in team losses while it continues to play in New Jersey.  There have also been reports that he's willing to purchase more than $100 million in junk bonds to finance infrastructure improvements around Barclays Center.

Now, it appears his investments won't end there. In a story on how NBA approval will trigger his "strategic partnerships" in Brooklyn, a Russian business daily quotes "a source close to one of the parties to the transaction" as saying Prokhorov is prepared to invest $120 million for a 20% stake in Bruce Ratner's Atlantic Yards. The report adds that Prokhorov plans to "participate in the development".  Barclays Center is the first stage of that larger 22-acre Brooklyn development.

As part of his 2009 agreement with Ratner, Prokhorov acquired an option to purchase the 20% stake, but the value of the option has never been publicly discussed. Atlantic Yards, when completed, is expected to encompass 6,430 housing units and more than 750,000 square feet of office, retail and hotel space in 17 towers.