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Bench Warmer
Developer Bruce Ratner will pay the Metropolitan Transportation Authority $20 million up front and another $80 million in installments for the right to use land it owns to build a basketball arena in Brooklyn that would house the New Jersey Nets.
Originally, Ratner was to pay the MTA $100 million upon closing for development rights to rail yards it owns.
Under the deal that was presented to the MTA finance committee on Monday, Ratner will pay $20 million at closing and then make additional payments until 2031.
A state agency also plans to vote this week on financing for the arena and the rest of the Atlantic Yards project.
The developer recently said it would build a cheaper, scaled-back arena without star architect Frank Gehry. Ratner has struggled to find financing in a crippled real estate market.
Originally, Ratner was to pay the MTA $100 million upon closing for development rights to rail yards it owns.
Under the deal that was presented to the MTA finance committee on Monday, Ratner will pay $20 million at closing and then make additional payments until 2031.
A state agency also plans to vote this week on financing for the arena and the rest of the Atlantic Yards project.
The developer recently said it would build a cheaper, scaled-back arena without star architect Frank Gehry. Ratner has struggled to find financing in a crippled real estate market.
