N.Y. transit agency OKs lower payment for Brooklyn Yards developer
The New York Metropolitan Transportation Authority has approved an amended deal with Forest City Ratner, developer of Brooklyn Yards, which will house a new arena for the New Jersey Nets basketball team. The transit agency agreed to an upfront payment of $20 million rather than $100 million and gave the developer 20 years to complete the project that will include 16 buildings. Work on the arena is to begin this year.
Forbes | 06/24
This story published in AGC SmartBrief on 06/26/2009
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