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Brooklyn Arena and Transportation Infrastructure Project

Loan Amount: $228,000,000

The NYCRC provided a $228 million loan to an affiliate of Forest City Enterprises (NYSE: FCE.A, FCE.B) the real estate company designated by the State of New York to oversee Brooklyn’s Atlantic Yards development. The loan assisted with the construction of specific components of the overall development, examples of which included: the Barclays Center Arena, the first new sports and entertainment arena to be built in New York City in over 40 years; a new subway station entrance within 100 feet of the arena to serve as the main entrance to the arena from the Atlantic Terminal transportation complex; a 30,000 square foot outdoor public plaza outside the arena; the demolition and reconstruction of the Carlton Avenue Bridge; an on-grade parking facility; and the excavation, removal, rerouting, and upgrading of water and sewer lines.

The project provided a state-of-the-art, multi-purpose sports arena needed to bring a professional sports team back to Brooklyn and also provided critical infrastructure work necessary to allow for the construction and operation of the arena and the future construction of affordable and market-rate housing units.