Second Ave subway’s next phase could impact Durst, Extell dev sites

Developers paid hundreds of millions for sites straddling future terminus

TRD New York /
Apr.April 02, 2019 01:00 PM
From left: 1800 and 1815 Park Avenue, MTA's Second Avenue Subway plan, and 160 East 125th Street between 3rd and Lexington (Credit: Google Maps)

From left: 1800 and 1815 Park Avenue, MTA’s Second Avenue Subway plan, and 160 East 125th Street between 3rd and Lexington (Credit: Google Maps)

Phase II of the Metropolitan Transportation Authority’s Second Avenue Subway plan appears to have been taken off the back burner. How will that affect developers who have bought in the neighborhood recently?

The Durst Organization and Extell Development have collectively spent hundreds of millions on large development sites near the proposed last stop of the extended Q line, and the MTA has been meeting with representatives of both firms to discuss “various scenarios” involving the properties, the New York Post reported.

Durst bought two sites on the south side of 125th Street, on both sides of Park Avenue (and both sides of the elevated Metro-North railway station), for a total of $111 million in 2016 and 2017. One block east, Extell picked up the entire south side of 125th Street between Third and Lexington for $70 million in 2014.

The MTA envisions a last stop on 125th Street between Lexington and Park, right in the middle of these properties. The station’s construction will be further complicated by the fact that the MTA plans to link it to the existing 125th Street station on the 4, 5 and 6 lines, on Lexington Avenue.

In addition to transit easements, the MTA’s environmental statement from last July lists “potential property acquisitions” as part of the plan, some of which overlap with the Durst and Extell sites.

Both developers told the Post that discussions with the MTA were “collegial and constructive.” The MTA declined to comment.

The Federal Transit Administration signed off on an environmental impact assessment for the plan late last year, finding “no significant impact.” [NYP] — Kevin Sun

Related Articles

L&L MAG CEO MaryAnne Gilmartin, 44-02 Vernon Boulevard in Long Island City and Douglas Durst (Credit: Google Maps)

Durst deadlocked with owners of prime LIC site

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

85 4th Avenue in Brooklyn (Credit: Google Maps)

New details of Boerum Hill’s next big project unveiled

TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled

The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Durst Organization chairman Douglas Durst in a coworking space

Durst Ready: Developer to launch flexible office space arm

The MTA says it has the funding to extend the Second Avenue Subway to East Harlem, and the real estate industry is thrilled. (Credit: Getty, iStock)

Developers see dollar signs in Second Avenue subway extension