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December 19, 2009

From Nickel To $200 Million To Saving Atlantic Yards

Multifamily Investor

This profile of oligarch Mikhail Prokhorov includes a description of Phase 2 of the proposed Atlantic Yards project. The ESDC, tool of developer Bruce Ratner, has said Phase 2 will take 10 years to complete, but Ratner says it will take 25.

The investment fund Onexim, headed by Russian billionaire Mikhail Prokhorov, executed its agreement with Forest City Ratner to buy a 45 percent stake in Atlantic Yards — which the developer has said will cost up to $900 million — and 80 percent of the Nets. According to the underlying letter of intent, Onexim will also have an option to buy a 20 percent stake in the larger Atlantic Yards project, which calls for another 16 towers surrounding the arena over the 22-acre site. Most of these towers are slated to be residential.

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Posted by steve at December 19, 2009 7:48 AM