While it’s no great surprise, Forest City Ratner Co. and the Empire State Development Corporation announced today that they have closed on the 22-acre Atlantic Yards complex in Brooklyn, which, when developed, will include a brand new arena for the Nets. This announcement, coupled with last month’s court ruling in favor of developers to acquire land for the project through eminent domain, and the recent news that Bruce Ratner was able to sell more than $500 million in bonds to finance arena, appear to pave the way for the Nets to finally get their long-planned home in Brooklyn.
As for what is entailed by a “closing” (per Dow Jones Newswire):
Forest City Ratner Co. said Wednesday it–along with the Empire State Development Corporation, the Metropolitan Transportation Authority, the city of New York and other parties–have executed all necessary documents and officially closed on the project. That includes the issuance of bonds and the execution of various real estate documents, including the arena lease, financing, development, and purchase and sale agreements.have executed all necessary documents and officially closed on the project. That includes the issuance of bonds and the execution of various real estate documents, including the arena lease, financing, development, and purchase and sale agreements.
