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New York

MTA approves Ratner bid for Atlantic rail yards

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The New Jersey Nets should be moving to Brooklyn soon. The Metropolitan Transportation Authority approved Wednesday developer and Nets’ owner Bruce Ratner’s plans for building a basketball arena over the Atlantic Avenue rail yards in Downtown Brooklyn. Ratner will pay $100 million for the 8.3-acre site, with the rest of the money for development of the arena and several residential buildings coming from the city and the state. The arena is expected to open by fall 2008. more [NYT]