MTA in talks with developers for large LoMa commercial space

June 03, 2013 01:30PM

The Metropolitan Transportation Authority is in talks with finalists vying to develop a 31,000-square-foot commercial space at the Corbin Building, a restored former bank near the Fulton Street Transit Center in Lower Manhattan, the New York Times reported.

The space is being offered up under a master lease alongside 30,000 commercial square feet in the neighboring transit hub; it could be used for retail, office or a hotel, the Times said.

A request for proposals for the space was released last year. However, neither the names of the finalists in the running, nor a date for selecting a finalist were revealed.

“We expect to generate enough revenue to maintain the whole complex,” Michael Horodniceanu, the president of the MTA’s capital construction division, told the Times. He declined to reveal the specific dollar amount, as it is part of the current talks.

“It would be interesting if we could get a bank as the anchor tenant,” Horodniceanu told the Times, as the Corbin Banking Company originally occupied the building’s ground floor.

The Corbin Building, located on the corner of John Street, was recently renovated, as previously reported. The project cost $67.4 million, the Times said. [NYT]Zachary Kussin