Forest City Ratner successfully sold bonds today, paving the way for construction of its new arena in Brooklyn.
There may be a few hoops left to jump through before Bruce Ratner can begin construction of his SHoP- and Ellerbe Becket-designed arena for the Brooklyn, né New Jersey, Nets, such as completing a partial sale of the team to a Russian oligarch, prevailing in some outstanding lawsuits, and going ahead with eminent domain against the area’s remaining holdouts. But the developer appears to have cleared the final major hurdle standing in his way with the successful sale of $511 million in tax-exempt bonds today for his $900 million arena. (There are still taxed bonds and an equity stake to be taken care of, but they lacked the December 31 deadline.) Read More