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BROOKLYN, NY-The MTA will negotiate exclusively with Forest CityRatner for property at the intersection of Atlantic and Flatbushavenues here. The plan to construct housing over the Long IslandRail Road yards is part of a larger effort that will bring an arenafor the Ratner-owned New Jersey Nets to the area.

Extell Development Co. had also bid on the site and for ahousing and retail development. In a statement, Gary Barnett,president of Extell said the firm was considering all of itsoptions and was disappointed about the exclusive negotiationperiod. "They apparently are giving him an opportunity to changehis bid. We believe we should be extended the same opportunity."Forest City Ratner's president Bruce Ratner says "we believe wesubmitted a very strong bid with operational and cash benefits forthe MTA and the LIRR."