MTA goes with Ratner on Atlantic yards – for now

The Metropolitan Transportation Authority voted this afternoon to negotiate exclusively with Bruce Ratner on development for the Atlantic rail yards. The 11-1 vote effectively shuts out for now Extell Development Corporation’s rival bid for the site, and allows the MTA to seek more money from Ratner. The two sides have 45 days now to hammer out a new agreement. If an agreement isn’t reached by then, the MTA could again look at Extell’s bid. Ratner plans to build one of the biggest developments in city history over the old rail yards, a development that will center around a new basketball arena for his New Jersey Nets. more [Newsday]

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