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Mikhail Prokhorov to Buy Barclays Center; Hidrock Invests Across Street

New York Other

Russian billionaire Mikhail Prokhorov and Forest City Enterprises have apparently reached an agreement that will give the investor sole ownership of the Brooklyn Nets and the Barclays Center. The NBA is reviewing the deal; terms weren't disclosed. He already owns 80% of the team and 45% of the arena.

Earlier this year, valuations expert Peter Schwartz valued the two assets at about $2B; in January, Bloomberg reported both Prokhorov and Forest City head Bruce Ratner had separately retained Evercore Partners to sell their stakes in the team, yet couldn't find a buyer willing to pay $250M in a minority stake. [Bloomberg]

Meanwhile, across the street, Hidrock Properties has acquired 32-34 Fifth Ave in Park Slope for $6.6M. The 5,600 SF, three-story, mixed-use property was delivered vacant; the firm plans to gut renovate the residential spaces and reconfigure the retail to create one contiguous retail space with a courtyard and 100 feet of frontage. Terra CRG broker Adam Hess repped the sale for the buyer and the seller, Chaim Miller. [REW]