The MTA is still spending millions to maintain its empty headquarters

Agency spends roughly $4M a year on 341, 345 and 347 Madison Avenue

TRD New York /
Aug.August 24, 2018 10:45 AM

341, 345 and 347 Madison Avenue (Credit: Google Maps)

The Metropolitan Transportation Authority is spending about $4 million a year to maintain its empty former headquarters in Midtown thanks to a dispute between the city and state.

The agency announced that it planned to sell or lease the 20-story complex at 341, 345 and 347 Madison Avenue back in 2011, and in 2016, it developed plans to lease the headquarters to Boston Properties for 99 years, according to the Wall Street Journal. MTA officials estimated that the deal would be worth about $1.3 billion, and Boston Properties hoped to build an office tower rising up to 900,000 square feet on the site.

However, the city opposed the deal because the terms said the developer would pay the MTA rather than pay real estate taxes to the city. The MTA expected those payments to be worth $961 million for the length of the lease.

The MTA hopes to resolve these issues soon, and although some said the poor relationship between Mayor Bill de Blasio and Governor Andrew Cuomo was behind the dispute, MTA Chair Joe Lhota told the Journal that this was not the case.

“There has been nothing acrimonious about our negotiation and interaction,” he said. [WSJ] – Eddie Small


Related Articles

arrow_forward_ios
Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

(Credit: iStock)

Small Talk: Every community meeting. About every development project. Ever.

An example of roll-off waste management (Credit: YouTube, iStock)

A win for big building owners in trash-collection fight

Duke Long and Poshtel International CEO Morten Lund

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

From left: Pavel Fuks, Michael Cohen, Felix Sater, and Donald Trump (Credit: Getty Images and Wikipedia)

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Rodrigo Niño (Credit: Prodigy Network and iStock)

Embattled Prodigy Network CEO Rodrigo Niño to step down

arrow_forward_ios