Mikhail Prokhorov, the richest Russian of them all, has bought a majority share of the Nets basketball team, and with it a major stake in the Atlantic Yards arena.
And he did so at the buzzer, too, with time running out for developer Bruce Ratner. Ratner has until the end of the year to break ground on the arena.
Prokhorov’s $200 million plop-down speaks volumes of the struggling American economy, the stalled building boom in New York City, and the desperation one developer has to remake a central hub of Brooklyn as he promised.
It will take some time to see how things shakeout. While things settle, it’s worth considering this:
Was the out-of-nowhere deal a Hail Mary on Ratner’s part, or did he have this plan E in his back pocket longer than we think?