Arena Land Buy Approved
New York City’s Metropolitan Transportation Authority will hand over 8.5 acres of its rail yard property to developer Bruce Ratner for $100 million.
Ratner plans to build a $3.5 billion project on the Brooklyn property that will include a new arena for the New Jersey Nets basketball team along with 16 office and apartment buildings.
The MTA rejected a higher bid from Extell Development Company, saying it was incomplete, according to Reuters.
Civic advocates and Brooklyn residents told the MTA board they would seek a court order to block the project, calling it a sweetheart deal.