The Metropolitan Transportation Authority (MTA) announced this week that it is seeking to sell three of its headquarter buildings in midtown Manhattan in an effort to consolidate office space. MTA said that it expects to yield at least $150 million from the sale and would use those funds to support MTA capital projects. MTA plans to relocate employees from the 341, 345 and 347 Madison Avenue buildings would be relocated near Grand Central and Metro-North’s other facilities, including an office facility in North White Plains.
"We are reviewing our real estate portfolio from top to bottom, looking for opportunities to reduce costs and increase revenue," said Jeffrey B. Rosen, MTA Director of Real Estate. "In our real estate, as in all of our operations, the MTA is making every dollar count."
Peter S. Kalikow, who was chairman of the authority from 2001 to 2007, said he had decided not to sell the buildings when he was in charge because they housed the Metro-North administration, which he believed should remain close to Grand Central according to a New York Times article. "Moving New York City Transit to 2 Broadway is best thing we ever did," he said in an interview this week. "But there are no Metro-North trains down there."
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