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

Developers paid hundreds of millions for sites straddling future terminus

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

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Clockwise from left: Celonis co-founders Bastian Nominacher, Alexander Rinke, and Martin Klenk with 1 World Trade Center (Credit: Celonis)

German tech firm snags full floor at 1 WTC

South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

The agreement was signed today at UBC’s New York Council offices in Manhattan by Nathan Blecharczyk, Airbnb co-founder, Chief Strategy Officer, and Frank Spencer, General Vice President of UBC.

Airbnb hammers out partnership with carpenters’ union

Fotis Dulos (AP Images/ Erik Trautmann)

Connecticut developer Fotis Dulos charged with murder

Amazon CEO Jeff Bezos, 1133 Sixth Avenue and Douglas Durst (Credit: Getty Images)

Durst prevails in $21M lawsuit over soured Amazon deal