The Real Deal New York

NYU, MTA near deal in Downtown Brooklyn

January 03, 2012 02:20PM

As the Metropolitan Transportation Authority, New York University and the City of New York try to hash out a deal for 370 Jay Street, the question has become “what does the MTA want?” Crain’s reported.

The MTA, which has a long-term lease from the city on the Downtown Brooklyn building where NYU would build another tech campus, has upped its asking price for the lease buy-out to $60 million, Crain’s said.

“We are working with the city to provide a facility that better serves the needs of the community and to ensure that the MTA receives fair value for the building,” an MTA spokesperson told Crain’s.

Proposals by Columbia University and Carnegie Mellon University are also technically still on the table, but the NYU negotiation has taken precedence since Mayor Michael Bloomberg’s announcement last month that runner-up tech campuses would also be considered.

The city has offered to give $20 million towards the real estate, Crain’s said.

In the past, the MTA has come under fire for failing to properly market its real estate holdings, such as Grand Central Terminal. [Crain’s]