When Mikhail Prokhorov and Bruce Ratner reached their deal on the Nets and Barclays Center in September 2009, one part of it that didn't get a lot of attention was an option Ratner sold Prokhorov to buy up to 20% of the $5 billion Atlantic Yards project--the arena AND 16 adjacent residential and office buildings.
Now, Ratner tells Bloomberg News the Nets owners are talking about expanding their relationship. "We have talked about it. Mikhail Prokhorov has the right to buy up to 20% of Atlantic Yards and sometime in the next six months he'll make a decision", said Ratner, who declined to say which way Prokhorov was "leaning". Prokhorov's assets already include OPIN, a large Moscow real estate development company.
Ratner said the first residential building in Atlantic Yards will start going up "probably in December/January", meaning there will be substantial construction underway when Barclays Center opens in September of 2012. The Nets minority owner promised "three weeks of unbelievable entertainment...all the great New York celebrities will be back".
As to the team's name, he like using the Nets (although he once tried and failed to buy "Brooklyn Dodgers" from a baseball team in L.A.) and thinks that will be the name.
- Bruce Ratner Interview (Video) - Betty Liu - Bloomberg News
Ratner Seeking $100 Million for Apartment Tower at Atlantic Yards - David M. Levitt & Betty Liu - Bloomberg News