MTA To Buy Grand Central Terminal
The other big news to come out of the MTA meetings on Tuesday was the agency announcing that it plans on purchasing Grand Central Terminal along with the Metro North’s Harlem & Hudson lines. The total cost for these purchases is $35M & was approved by the financial committee & will be put to the full board on Thursday for what is expected to be an immediate approval.
The agency had currently been paying $2M a year to rent the terminal & its tracks. However they felt with the interest rates at low levels, it would be a good time to just purchase it as compared to renting it through the end of its lease in 2074.
Also taking ownership of the Harlem line to Dover Plans & the Hudson line to Poughkeepsie will help give it better control in maintaining the infrastructure along with being able to get some profits from residential & commercial properties built near the tracks.
In my opinion, the deals make complete sense & should benefit the agency in the short & long term which makes it a complete win-win, a rare thing for the much maligned agency.
xoxo Transit Blogger
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