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New Brooklyn arena deal announced

Developer Bruce Ratner will pay the MetropolitanTransportation Authority $20 million up front and another $80million in installments for the right to use land it owns to builda basketball arena in Brooklyn.

Originally, Ratner was to pay the MTA $100 million upon closingfor development rights to rail yards it owns.

Under the deal that was presented to the MTA finance committeeon Monday, Ratner will pay $20 million at closing and then makeadditional payments until 2031.

A state agency also plans to vote this week on financing for theNets basketball arena and the rest of the Atlantic Yards project.

The developer recently said it would build a cheaper,scaled-back arena without star architect Frank Gehry. Ratner hasstruggled to find financing in a crippled real estate market.

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