GlobeSt.com UPDATE: MTA To Negotiate with Ratner Exclusively

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BROOKLYN-The MTA will negotiate exclusively with Forest City Ratner for property at the intersection of Atlantic and Flatbush avenues here. The plan to construct housing over the Long Island Rail Road yards is part of a larger effort that will bring an arena for the Ratner-owned New Jersey Nets to the area.

Extell Development Co. had also bid on the site and for a housing and retail development. In a statement, Gary Barnett, president of Extell said the firm was considering all of its options and was disappointed about the exclusive negotiation period. “They apparently are giving him an opportunity to change his bid. We believe we should be extended the same opportunity.” Forest City Ratner’s president Bruce Ratner says “we believe we submitted a very strong bid with operational and cash benefits for the MTA and the LIRR.”