MTA buys first of five buildings for East Side Access structure
July 14, 2009 05:00PM By Adam Pincus
From left: 48 East 50th Street, map of East Side Access projectThe 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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Comments
Anonymous
great! overpaid by a mile ! thanks MTA - keep crying for money. ......and now we will also get a lovely airshaft on East 50th street instead of townhouses.
Comment #1 Posted By: Anonymous 07/14/09
Anonymous
It's great that the MTA is putting a biohazard ventilation system in the event of attack smack in the middle of Midtown. Great idea to ventilate chemical agents all throughout the Park Ave corridor!
Comment #2 Posted By: Anonymous 07/14/09
mdh
Commenter #1 - "overpaid by a mile" you say? What do you think is the correct land value for that lot? I assume you are intimately knowledgeable when it comes to midtown Manhattan real estate... Commenter #2 - You simply sound like another NIMBY unfortunately. When it comes to engineering, sometimes it isn't possible to spend time (and money) "shopping around" for the location of least impact when it comes to the necessary evils of construction. In this case, the ventilation structure had to go somewhere... where would YOU have placed it? I'm so tired of being associated with all the NIMBYs in New York City. We (as a city) tend to complain, complain, complain about everything. Meanwhile, East Side Access will change the way hundreds of thousands travel to and from Long Island every day. It will ease crowding on the already overburdened Penn Station and make commuting vastly more convenient for so many people. And I'm saying this as someone who has never even commuted into Penn Station.
Comment #3 Posted By: mdh 07/14/09
Anonymous
I agree. The MTA paid way too much for this building. However, I'm sure that those MTA hot shots think that they did a great job negotiating this deal.
Comment #4 Posted By: Anonymous 07/14/09
Anonymous
There are many factors here. We don't know the date of the taking, it could have been a year or two ago. The site likely has air rights, which means the price per sf isn't so far off the mark during the golden days. Was this the result of a judgment from a condemnation case? Most likely, the cost of litigation was factored into the price as well. They could have low-balled the property owner, but he would have simply taken it to court. Prices in condemnation cases rarely, if ever, have anything to do with market value as of the date you read the article on The Real Deal.
Comment #5 Posted By: Anonymous 07/14/09
Anonymous
yes number 3, I am intimately knowledgable about Midtown Manhattan land costs, I can assure you that the market today is not the one from 2007 - but I guess you forgot to tell the MTA that - are you there "consultant" if so, hope you got a big kick back - you deserve it.
Comment #6 Posted By: Anonymous 07/14/09
Anonymous
I hope that someday my grandchildren will be able to take their children along this route
Comment #7 Posted By: Anonymous 07/14/09
Anonymous
why would mta worry at all about land value, costs, etc, when it's really the drivers and train riders are the ones that are paying for overprice nonsense.
Comment #8 Posted By: Anonymous 07/15/09
Anonymous
For every $1 spent successfully in transportation infrastructure, you get $4 back. This is a case where, you may not get $4 back, but at least $2.50, enough to splurge on that coffee and bagel you will gladly eat without a subway commute to the east from from Penn Station.
Comment #9 Posted By: Anonymous 07/15/09
It is just so annoying that people are generally critical of infrastructure engineering in NYC. Clearly, no solution will ever perfect or ideal. So what? Stop developing infrastructure? Of course not. You whine about it when it isn’t there and then whine about the realities of what it takes to build it. So screw you and do something worthwhile with your life.
Comment #10 Posted By: 07/15/09
Anonymous
#2 - If it means that a biohazard attack on the system would get rid of more people like yourself than the folks living in the Raveswood housing complex in Queens, then I say the selected location of the ventilation plant is optimal.
Comment #11 Posted By: Anonymous 07/15/09
Anonymous
i think mazel tov is in order for the MTA, at least someone's doing not one but four deals in the city!
Comment #12 Posted By: Anonymous 07/15/09