The Real Deal New York

MTA buys first of five buildings for East Side Access structure

July 14, 2009 04:53PM
By Adam Pincus

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alternate textFrom left: 48 East 50th Street, map of East Side Access project

The Metropolitan Transportation Authority bought the first of four adjacent Midtown commercial buildings that will ultimately be demolished to make way for the development of a 60-foot ventilation structure that is part of the East Side Access project.

The MTA paid $9.25 million for the vacant, 8,748-square-foot, five-story building at 48 East 50th Street, going into contract and then closing May 29, city property records published today indicate.

There were no filings indicating the other five- and six-story buildings at 44, 46 and 50 East 50th Street, between Park and Madison avenues, had sold recently. An additional office building at 45 East 49th Street, which has also not been sold, will be demolished as part of the construction plans, MTA documents say.

The seller was identified as 48 East 50th Street LLC, the records show.

The MTA plans to build a structure which will house ventilation and air conditioning equipment and have a loading dock on the 50th Street site, MTA documents said.

The East Side Access project, which is underway, will bring Long Island Rail Road trains into Grand Central Terminal.

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