This watchdog blog, by journalist Norman Oder, offers analysis, commentary, and reportage about the $4.9B project to build the Barclays Center arena and 15-16 towers at a crucial site in Brooklyn. Dubbed Atlantic Yards by developer Forest City Ratner in 2003, it was rebranded Pacific Park Brooklyn in 2014 after the Chinese government-owned Greenland Group bought a 70% stake going forward. As of 2018, after the arena and four towers were built, Greenland will own 95% of future construction.
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Post: Forest City's selling arena to convert to REIT; is ownership at odds with Ratner?
Apparently Forest City Enterprises wants to sell its 55% share of the Barclays Center to allow the corporation to convert to a real estate investment trust (REIT), a long-contemplated plan, which requires revenue from real estate, not arena-related ticket sales or other event income.
So, as the auction begins this week, Ratner has said he wants a "strategic partner" who'll buy a piece of the and keep current management, including him and arena CEO Brett Yormark. That would certainly help in terms of synergy with the planned Nassau Coliseum revamp.
However, Kosman reports, Ratner's extended family at the helm of Forest City would rather sell to a majority owner, which would pay more and bring in its own management team.
"The company is hoping for a $1 billion valuation on the arena, slightly more than the $900 million cost," writes Kosman.
Forest City spokesman Jeff Linton, however, told the Post, “We would be happy to . . . keep current management in place."