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September 7, 2005

Offer Is Doubled by Developer to Build Arena in Brooklyn

The NY Times
by Charles Bagli

Ratner has doubled his offer for the railyards to $100 million, "according to people on both sides of the negotiations." This is still $50 million below the Extell bid without the same negative impacts. Ratner has been contending all along that his bid is more valuable since it includes building a new railyard. MTA officials stated that they didn't know if the Extell bid included building a new railyard (maybe they forgot to ask?).

Meanwhile costs have ballooned:

The project has evolved over the last two years, with the value of construction rising to $3.5 billion from $2.5 billion, while the cost of the arena jumped to $555 million from $435 million.


Posted by lumi at September 7, 2005 7:26 AM