(To read more on the multifamily market, click here.)

BROOKLYN, NY-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.”

In March, Forest City signed a memo of understanding with the state and the city for the development of the Atlantic Yards project. The $2.5-billion effort involves the development of a Frank Gehry-designed arena as well as an office, retail and the residential portion. Approximately half of the 4,500 rental units in the proposal will be set aside for low- and moderate-income households.

The first phase of construction on the arena is expected to begin at the end of this year and be completed in the summer of 2006. The entire project is expected to create more than 12,000 construction jobs and approximately 8,500 permanent jobs. According to an economic analysis completed for the city’s Economic Development Corp., the net fiscal benefit to the city and state from the project is estimated at $1 billion in present value over the next 30 years.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.