By Holly Dutton
Developer Forest City Ratner is putting its stake in Downtown Brooklyn’s Barclays Center up for sale.
The company, which has a 55 percent majority stake in the sports and entertainment venue, opened the popular arena two years ago.
According to reports, the center has an annual cash flow of more than $30 million, which puts the value of the venue in the $750 million ballpark.
The Brooklyn Nets team has a 45 percent stake in the center, and, according to a spokesman for the basketball franchise, is looking for a new partner. “Our goal is to identify a strategic partner as we continue to capitalize on the great performance of Barclays Center and the promise of Nassau Coliseum,” said spokesman Barry Baum in a statement to the Brooklyn Eagle newspaper. “The current management team will continue in its existing role.”
Investment bank Evercore Partners will represent Bruce Ratner’s in marketing the stake. Evercore is a New York City-based investment banking advisory firm that previously advised on the General Motors IPO in 2010.
Ratner purchased the Brooklyn Nets in 2004 for $300 million with the plan to move the team to Brooklyn from their then home at the Izod Center in the Meadowlands, New Jersey.
Developed by Forest City Ratner Companies and designed by architectural firms AECOM and SHoP Architect, Barclays Center caused a stir among locals in the Fort Greene/Prospect Heights/Downtown Brooklyn neighborhood when it was first proposed.
However, the arena that cost $1 billion to build was ranked as the top-grossing U.S. venue for concerts and family shows in 2013 by Billboard and Venues Today magazines, according to the venue’s website.
The center is home to the NBA’s Brooklyn Nets, and next year will be home to the NHL team, the New York Islanders. The multi-purpose arena seats up to 18,000.
Representatives for Forest City Ratner did not respond to requests for comment as of press time.