Bidding war heats up over Atlantic rail yards

What seemed only about a month ago a done deal for Bruce Ratner may unravel by Wednesday. Extell Development Corporation has offered $150 million in cash for development rights at the Atlantic rail yards in Prospect Heights three times the amount offered by Ratner, who wants to build a mixed-use development centered around a new arena for his New Jersey Nets. The Metropolitan Transportation Authority is expected to choose between the two offers at its monthly meeting this Wednesday. Before Extell stepped forward in early July, Ratner appeared a shoo-in for the development rights, and has already lined up considerable political support. more [NYT]

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