MTA to buy Grand Central Terminal for $35M

Opportunity is part of agency's lease

New York /
Nov.November 14, 2018 06:05 PM

Grand Central Terminal at 89 East 42nd Street and Fernando Ferrer (Credit: Wikipedia and Getty Images)

The Metropolitan Transportation Authority plans to buy Grand Central Terminal for $35 million.

The opportunity to buy the terminal is part of the agency’s long-term lease, which stipulates that MTA’s window to purchase Grand Central opened in 2017 and closes in October 2019. During an MTA finance committee meeting on Tuesday, members voted in favor of the sale, the Wall Street Journal reported. The deal will include the terminal building as well as the Hudson Line from Grand Central to Poughkeepsie, and the Harlem Line to Dover Plains.

The price of the terminal is a combination of the MTA’s annual rent and the value of MSD Capital and TF Cornerstone’s reversionary stake, which the lease pegs at $400,000. The deal doesn’t include the property’s remaining air rights, which MSD and TF Cornerstone took over, along with the terminal, in 2016 when they purchased investment group Midtown Trackage Ventures. Midtown bought the air rights and terminal in 2008.

[WSJ] — Kathryn Brenzel


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
John Philip Sousa and the Sousa House at 80 Washington Place (Getty, Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
$25M Sousa townhouse in West Village faces foreclosure
$25M Sousa townhouse in West Village faces foreclosure
9 East 71st Street and Jeffrey Epstein (Photos via Getty)
Jeffrey Epstein’s UES townhouse in contract for around $50M
Jeffrey Epstein’s UES townhouse in contract for around $50M
429 Taconic Road, Greenwich, Connecticut, 06831
5 winning equestrian homes for sale near NYC
5 winning equestrian homes for sale near NYC
Doma CEO Max Simkoff (Doma, iStock)
With $3B IPO, title insurance startup Doma targets new business lines
With $3B IPO, title insurance startup Doma targets new business lines
 JLL CEO of capital markets Richard Bloxam and Roofstock CEO Gary Beasley (JLL, Roofstock, iStock)
JLL gets in rental home business
JLL gets in rental home business
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...