The Metropolitan Transit Authority is selling a Soho parking lot for $25.8 million to developer Madison Capital, Business Insider reported.
The sale is part of the MTA’s efforts to “identify opportunities to derive the maximum possible value from real estate we own or control,” MTA Chairman and CEO Thomas Prendergast said in a press release.
The 6,190-square-foot lot is located on the south side of Houston Street between Broadway and Crosby Streets, and is currently being used to park emergency response vehicles. Madison would have to have any development plans sanctioned through the public approval process known as ULURP, and will be required to maintain the subway entrance to the B, D, F, and M trains.
The MTA is also shopping for a developer to demolish and rebuild its headquarters on Madison Avenue, as The Real Deal reported.