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July 26, 2005

Development Rival Offers Compromise on Nets Arena

The NY Times
by Charles Bagli

The real estate investment group battling with the developer Bruce Ratner for control of the Atlantic railyard near Downtown Brooklyn offered a compromise yesterday that it said would allow both parties to declare victory: The group would incorporate Mr. Ratner's plan to build a glass-walled basketball arena for the Nets into its project.

Knowing that the city and the state want to provide a home in Brooklyn for the Nets of the National Basketball Association, Mr. Barnett said yesterday that if he won, his company would resell a portion of the development rights for no additional cost to Mr. Ratner so that he could build the basketball arena, now expected to cost more than $500 million.


NoLandGrab: This is an interesting move by Extell to broker a compromise, though it seems that Ratner is more interested in an all-or-nothing approach than finding a solution where nearly everyone wins.

Posted by lumi at July 26, 2005 8:23 AM