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May 18, 2005
Jets: Stadium caught in turbulence
The Newark Star-Ledger
by Matthew Futterman
The West Side stadium has grabbed most of the headlines, but it is just one of nine stadium proposals in the region waiting for government approvals or financing deals.
Brooklyn arena: Nets owner Bruce Ratner has spent tens of millions of dollars in the past year buying private property at the site where he wants to build his arena. He still must negotiate the deal that will give him the rights to the publicly owned land -- a rail yard at Flatbush and Atlantic avenues.
Ratner will pay for his $500 million building, but he has to negotiate a lease for the rail yards, assuming there are no other bidders for the site, and then figure out with the MTA who pays the costs of moving the yards across Flatbush Avenue. Together, the lease and the rail yards could cost Ratner more than $200 million.
NoLandGrab: Futterman's analysis of the Ratner deal assumes a lo,t since many important details have yet to be revealed. The cost projection of the arena itself could easily rise.
Posted by lumi at May 18, 2005 7:06 AM