Barclays Center Arena

A NYCRC-managed entity provided a $228 million loan to help fund the construction of specific components of the Atlantic Yards development, including the Barclays Center Arena and surrounding infrastructure improvements.

The loan facilitated the construction of the first new sports and entertainment arena built in New York City in over 40 years that brought a professional sports franchise back to Brooklyn. The capital was also used to construct a 30,000 square foot outdoor public plaza in front of the arena as well as a new subway station entrance that serves as the main entry point to the arena from the Atlantic Terminal transportation complex. Funding also assisted 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 built a new home for the Brooklyn Nets 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.

“This is a historic project that will continue to energize the borough of Brooklyn. While a new hometown team will give us all something to cheer for, it’s the jobs and housing that will have the greatest lasting impact on the borough and the people of Brooklyn.”

– Former New York City Mayor Michael Bloomberg