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Ratner Scooping Up Properties For Brooklyn Arena Development
Published October 8, 2004
|Ratner About 80% Done With Acquisitions|
Nets Owner Bruce Ratner “now owns 80% of the condo and co-op apartments that are on the footprint of his $2.5[B] Atlantic Yards project” in Brooklyn, which includes a new Nets arena, according to Hugh Son of the N.Y. DAILY NEWS. Ratner in May offered condo residents at 636 Pacific St. more than $1M each to leave, and pledged to other displaced tenants that they would be the first to move into the new apartments when they are built and would not “pay any more in rent than they have been paying” (N.Y. DAILY NEWS, 10/8). In N.Y., Patrick Gallahue reports Ratner on Thursday began outlining “a series of pledges” for the proposed development, which would include low-income housing, local jobs, small-business development, a community center and a foundation to benefit area residents. Ratner: “From the beginning, we said this project is more than just basketball” (N.Y. POST, 10/8).