Apparently, $761 million in subsidies and tax breaks isn’t enough for Forest City Ratner. The Atlantic Yards developer is thanking the city for its generosity by suing the Department of Finance for a lower tax assessment.
The developer has filed a lawsuit against the Department of Finance, in an attempt to knock down the market value assessment on block 1129, which comprises the southern section of the development site, from $11.2 million to a scant $1.6 million, DNAinfo reported today.
i want my mtv
Hockey calls to mind certain images. There’s a pastoral pond in Canada, filled with children wearing the jerseys of their heroes and shooting a puck into a milk crate. There’s a packed arena in a historic, northern city, filled with generations of champions and villains. And now, there’s Brooklyn.
The wit of starlets, teen idols and tabloid punching bags at the Video Music Awards is never left to chance.
A small team of comedians and writers has been punching in to Barclay’s Center for the week to pitch and refine jokes for the likes of presenters such as Selena Gomez, Kevin Hart and Joseph Read More
Pedal to the Metal
Nassau Events Center LLC, an affiliate of Forest City Enterprises, has been awarded the rights to develop the site of the Nassau Veterans Memorial Coliseum, County Executive Edward Mangano announced today. The Forest City bid beat out a rival effort from the Madison Square Garden Company.
“I am pleased to announce that Nassau Events Center, LLC is the successful proposer to transform the 43-year old Nassau Veterans Memorial Coliseum and Plaza into an attractive, first class destination for family fun, sports and entertainment,” Mr. Mangano said in a prepared statement. “This is also the unanimous recommendation of the County’s RFP Committee.”
bring in 'da noise
Phew! No more fumbling with bike chains or cradling a helmet awkwardly under one arm all night long. Fixi enthusiasts attending the Barclays Center last night finally had the option of ditching their bicycles in style with a trial run of a valet parking service.
The service was offered by Transportation Alternatives, an advocacy group for Read More
on the rebound
Rihanna brought down the house at her concert at the Barclays Center on Sunday night, taking the entire neighborhood with her, according to Prospect Heights residents.
But the loud, booming bass rumblings that disrupted the neighborhood on Sunday night were nothing new for people who live in the direct vicinity of the Barclays Center. These complaints come less than a week after Barclays Center developer Forest City Ratner Companies was ordered to pay the New York City Department of Environmental Protection (DEP) a $3,200 fine for violations after a Swedish House Mafia concert in early March.
Basketball is back. Three weeks after opening night was canceled in the aftermath of Hurricane Sandy, four months after the Knicks let Jeremy Lin slip out of town, 13 years since the Knicks’ fluke run to the NBA finals, and two decades since Pat Riley’s tough-guy team captivated New York in the early years of the Giuliani era, fans in the world’s greatest basketball city care without cynicism again.
The Isiah Thomas era and the Knicks’ failed pursuit of LeBron James are old news. The Nets’ long struggle for big-city relevance got lost somewhere in New York harbor. When the teams squared off Monday night in Brooklyn’s new Barclays Center, the city had plenty to cheer about: real stars, the top two spots in the Atlantic Division standings and the eyes of millions upon us.
An Arena Grows in Brooklyn
While searching around the Municipal Bond Database (as is our wont)The Observer stumbled upon the quarterly cash receipts of ArenaCo, subsidiary of Forest City Ratner Corporation and the owner operator of Barclays Center. The reports revealed a whopping $46,866,337.14 in sales from tickets, suites and sponsor installments between April 1st, 2012 and September 30th, 2012.
All of which amounts to just a drop in the bucket of the total $510,999,996.50 PILOT Revenue Bond issue currently being paid off by ArenaCo in payments in lieu of taxes to the city or state. This is good news for the bond holders, who presumably need all the help they can get. After all, their bond holdings are currently being given a BBB- rating, the lowest rating a bond issue can have while still being considered investment grade and one which ranks Arena Co and Barclays Center in the same investment strata as the Puerto Rico Aqueduct and Sewer Authority.
An Arena Grows in Brooklyn
Mayor Bloomberg just said that he—not the Nets, not the NBA—made the decision to cancel tomorrow night’s opening game at the Barclays Center between the now-crosstown rivals, the Brooklyn Nets and the New York Knicks. Instead, the first game will be Saturday night against the Raptors, and the hyped-up subway access to the arena may Read More
Some good news for Bruce Ratner today, but probably not for the neighborhood or the folks who want to move into the developer’s promised apartment towers at Atlantic Yards. The Islanders will mean more crowds roaming the streets of Prospect Heights and Fort Greene before and after games, and more revenue for the Barclays Center, but this will not help speed up construction of the long-delayed apartments, according to Mr. Ratner.