Not So Fast, Bruce: MTA Air Rights Up for Grabs

NY Post, May 25, 2005 — A plan to bring the Nets to Brooklyn will have to go through a competitive bidding process — much like the Jets stadium deal — before the MTA grants its air rights to developer Bruce Ratner, officials said yesterday. The Metropolitan Transportation Authority, which owns the Atlantic Avenue Long Island Rail Road Yards where Ratner wants to build a $2.5 billion arena and residential complex, released a 24-page document inviting developers to bid on the land. “Obviously, our purpose is to get the most money for the system we can,” said MTA spokesman Tom Kelly. All bids are due July 6. The process also requires bidders to include details of their proposals and set up a $500,000 fund within five days of being selected to cover the MTA’s anticipated contractual costs. The MTA did not say when it would announce a winning bid for the three-block stretch of land.
Nets Must Go Through Hoops [NY Post]