clock menu more-arrow no yes mobile

Filed under:

Ratner, Prokhorov confirm latest collaboration: rehab of Brooklyn Paramount


Bruce Ratner's Forest City Ratner and Mikhail Prokhorov's ONEXIM Sports and Entertainment have formed yet another partnership, even as rumors persist the two are trying to see all of Ratner's stake and much of Prokhorov's in the Nets.

As previously reported, Ratner and Prokhorov are part of a new partnership, Paramount Events Center, which will redevelop Brooklyn's historic Paramount Theatre a few blocks north of Barclays Center. LIU, which owns the 1,500-seat venue, agreed Tuesday to a joint venture with PEC.

According to a press release issued Tuesday at the signing of the deal between PEC and LIU...

"The storied venue will undergo a 24-month renovation and rejuvenation as Paramount Events Center (PEC) and LIU restore its former glory. PEC is headed by Barclays Center developer Bruce Ratner and Onexim Sports and Entertainment, and all business operations are overseen by Barclays Center CEO Brett Yormark."

This is at least the fourth joint venture between Ratner and Prokhorov. In addition to the Nets and Barclays Center, the two are invested in the rehab of Nassau Coliseum on Long Island. That rehab will begin after the Islanders season ends, which looks increasingly like May or even June.

The Paramount deal was first reported in January by Billboard

Just last month, the New York Post reported that Ratner and Prokhorov are interested in selling 49 percent of the Nets --all of a Ratner group's 20 percent interest and 29 percent of Prokhorov's 80 percent controlling interest. Sources both inside and outside the Nets say Prokhorov is primarily interested in selling a minority piece of the team or a joint venture.  According to the Post and Forbes, Prokhorov is valuing the asset at $3 billion, although the two reports differ on whether the valuation includes Barclays Center.

"I have had a long association with LIU Brooklyn and am proud to expand that relationship by joining with Onexim Sports and Entertainment to revive the storied Brooklyn Paramount and make it a world-renowned theater once again," Ratner said Tuesday.

Ownership was not broken down but according to the press release the price tag for the renewal will be $50 million.

Brooklyn Paramount introduced the borough to jazz and an early home of Rock and Roll in the 1950s. The theater became part of LIU Brooklyn’s campus in 1962 and now serves as a multi-purpose space for students, staff and guests.