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12/15/2009 08:05 PM

Investors Grab Up Brooklyn Arena Bonds

By: NY1 News

Investors made a fast break for bonds Tuesday that will help finance the New Jersey Nets' move to Brooklyn.

The $511 million worth of tax-free bonds will help pay for part of the Atlantic Yards development.

The Nets' principal owner, Bruce Ratner, says the strong sales indicate investors have confidence in the long-delayed project and in the city.

Ratner and his development company hope to finish the arena by 2011.

Apartment towers and office buildings are also planned.

Opponents had hoped the bond sale would fall flat and sink the project.