A new bid for Long Island real estate giant Reckson Associates Realty Corporation came in Thursday, throwing the initial buyer for a spin.

Reckson has built itself into the top commercial real estate developer on Long Island. SL Green Realty Corporation offered Reckson approximately $4 billion in its takeover effort. Although some shareholders oppose SL Green's efforts, the deal was expected to go through before Icahn and Macklowe Properties proposed their $4.6 billion deal. The newest bidder is based in Manhattan, whereas SL Green would keep the company Long Island-owned.

Economic experts suggest Long Island's economy will not be affected much either way. However, Reckson has worked with Islanders owner Charles Wang on an ambitious renovation of the Nassau Coliseum. Some experts wonder if Manhattan-based owners would continue to fight as passionately for the project as a Long Island-based company would.