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January 26, 2007

Inside Ratner’s big deal$

The Brooklyn Papers
By Ariella Cohen

Community groups and schools will be paying a lot to rent Bruce Ratner’s Nets arena — an apparent pullback from the developer’s promise to make the arena available to local non-profit groups “at a reasonable rate.”
...
Ratner told the auditors that he’ll charge more than $100,000 to rent the designer dome — $62,000 in base rental, plus an estimated $41,000 in “event-related expenses,” according to the confidential audit.
...
Local groups that signed a “Community Benefits Agreement” with Ratner are guaranteed the right to rent the arena for 10 events a year at a “reasonable rate.”

But it’s unclear how Ratner will define “reasonable rate,” based on the KPMG audit.

The article also covers other possible revenue streams outlined in the KPMG audit, which peg Ratner's profits around $400 million.

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Posted by lumi at January 26, 2007 10:47 AM