The Russians are coming! To Brooklyn.
The investment fund Onexim, headed by Russian billionaire Mikhail Prokhorov, has agreed to a $200 million deal in which it will take a major stake in the NBA’s Nets franchise and its new arena planned for Brooklyn, part of the larger $4.9 billion Atlantic Yards project. Read More
Bruce Ratner today got to check off another box on his Atlantic Yards “To-Do Before the New Year” list.
The state’s development agency Thursday morning approved Mr. Ratner’s revised plan for his $4.9 billion Brooklyn project, giving New York’s assent to the planned Nets arena as well as the surrounding 15 apartment towers nearly Read More
The government is pouring money into state coffers for infrastructure, and Bruce Ratner apparently has his hand out, hoping to get a slice of the $789 billion pie in an effort to save his troubled Atlantic Yards project.
Opponents of the project are livid about the mere fact that Mr. Ratner wants more Read More
The word from the top brass at Forest City Enterprises, parent company of Brooklyn-based mega-developer Forest City Ratner, is the firm is suspending all new development. That is, except Atlantic Yards.
Forest City Enterprises president Chuck Ratner said in a conference call with investors and analysts that the financial crisis has forced Read More
Standard & Poor’s yesterday downgraded the credit rating of mega-developer Forest City Enterprises, the parent company of Forest City Ratner, the developer of the planned Atlantic Yards project in Brooklyn. The downgrade came as the credit markets have made the financing of new development near impossible, and Forest City, based in Cleveland and Read More
In a move that will save the owners of the Yankees, Mets and Nets tens of millions of dollars, the IRS has given its O.K. to the use of tax-free bonds to finance the construction of the teams’ new facilities, according to a state spokesman. The tax-free financing comes mostly at expense to federal taxpayers—though Read More
This morning, Norman Oder, the thorn in the side of developer Forest City Ratner who runs the Atlantic Yards Report blog, put up a post noting that the landscape architect for the more than $4 billion Brooklyn project had suddenly begun referring to his Atlantic Yards work in the past tense on his Read More
In the worsening economic downturn, some real estate investment trusts and brokerages are showing signs of weakness.
On Jan. 2, stocks of Forest City Ratner parent Forest City Enterprises traded at $43.62 a share. On Aug. 4, they traded for nearly half the price, at $25.60. Leading office landlord SL Green, which started the Read More
The planned new Brooklyn basketball arena for the Nets now may not be ready until 2011, according to developer Forest City Ratner, as the company acknowledges that the time to build the structure may take it past its current completion goal of calendar year 2010.
The news was first spotted by Norman Oder at his Read More
Six weeks after the U.S. Supreme Court declined to hear their federal lawsuit, landowners fighting the use of eminent domain for the Atlantic Yards project in Brooklyn have filed another suit, this time in state court.
Opposition group Develop Don’t Destroy Brooklyn put out a release today announcing the lawsuit, filed Friday, Read More