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MTA Looking To Get $150M For 347 Madison

Posted by
on April 21st, 2011 at 12:49 pm

Once again, the MTA is looking to unload one of their real estate holdings to help boost the bottom line. Last month, reports started to surface that the agency was looking to unload the 347 Madison Ave property & the 2 adjoining ones at 341 & 345 respectively. Fast forward to yesterday where the New York Times note that the agency is looking to get up to $150M for the property. Charles V Bagli has more:

The Metropolitan Transportation Authority, which has consolidated departments and reduced its payroll under severe financial pressure, now plans to sell its headquarters and two adjoining buildings on Madison Avenue in a deal that it says could reap more than $150 million.

Transportation officials are hoping that a developer will pay top dollar for the properties, three 20-story office buildings that form the eastern blockfront between 44th and 45th Streets. A buyer could demolish the structures and erect a modern skyscraper, and could also buy unused development rights over Grand Central Terminal and build an even taller tower than might otherwise be allowed.

The three buildings might look bland and unappealing, but the allure is their location in a prime office district next to Grand Central, a workday entry point for executives coming from New York’s northern suburbs. The Yale Club is on the same square block.

While the buildings — 341, 345 and 347 Madison Avenue — may not be of architectural note, the authority’s headquarters and its hearing rooms have been the site of many a raucous demonstration, by employees, transit riders opposed to fare increases and cuts in service, or opponents of development on authority properties. It bought 347 Madison in 1979 for $11.9 million and 341 and 345 Madison in 1991 for $12.25 million and $23.75 million respectively.

The transportation authority considered selling the buildings before, in 1998 and in 2005, but decided against it each time. “I’d take a look,” the developer Douglas Durst said Tuesday, “for the third time.”

Click here for the complete report.

I have a problem with the agency’s plans to sell these properties. My issue is not about them getting rid of the properties themselves. They clearly need to continue their trend of consolidating space & saving money. However they have a history of rushing to make deals of this nature & in turn sell them severely below market value. Do I really need to get into the Atlantic Yards fiasco?

These properties are not exactly the most appealing inside however thefact they are prime pieces of real estate can not be denied. Even in the current market conditions, these are 3 valuable chess pieces in the game of Manhattan real estate as you know what they say, location, location, location!

I sincerely hope the MTA does not sell these properties at below market value as it will be a huge mistake. If they have to hold on to them for a bit longer to achieve greater value, then that is exactly what they should do. Hopefully they learned something from the Atlantic Yards fiasco unless cutting sweetheart deals for friends is on their agenda again which would be a crying shame.

xoxo Transit Blogger

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Bus Diversions Due To Easter Parade

Posted by
on April 20th, 2011 at 1:34 pm

Earlier today, the MTA issued a brief press release to announce bus diversions due to the annual Easter Parade:

The annual Easter Parade in Manhattan will be held on Sunday, April 24, 2011 between 10 a.m. and 5 p.m. on Fifth Avenue between 49th and 57th Streets. For customers who what to show off their chic chapeaus, the closest subway station is at Fifth Avenue/53rd Street on the E line.

Due to street closures for the parade, the following bus routes will be affected: M2, M3, M4, M5, Q32, BxM3, BxM4, BxM6, BxM7, BxM7A, BxM9, BxM10 and BxM11.

MTA Bus, MTA New York City Transit buses and subways, as well as MTA Staten Island Railway, will operate on a regular Sunday schedule.

xoxo Transit Blogger

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5 Train Service Suspended This Weekend

Posted by
on April 20th, 2011 at 1:30 pm

As you already knew thanks to the Service Diversions I list in advance, service on the 5 Train will be suspended this weekend. The MTA issued a press release with more information as to why:

MTA New York City Transit announced that 5 train service will be suspended this weekend from 11:30 p.m. Friday, April 22 to 5 a.m. Monday, April 25 due to work on three projects including the East 180th Street Signal Modernization.

Workers will be making preparations for the next phase of the East 180th Street signal project that begins on May 2. This new phase, which will run through the summer, will necessitate fewer 2 and 5 rush hour trains north of East 180th Street and the continuation of the suspension of afternoon northbound 5 express service.

This weekend, free shuttle buses will replace the 5 between Dyre Avenue and East 180th Street. Customers may take the 2 for service between East 180th Street and 149th Street-Grand Concourse and the 4 for service between 149th Street-Grand Concourse and Brooklyn Bridge. The 4 trains will run local in both directions between 125th Street and Brooklyn Bridge.

Brooklyn Bridge will be the last stop for the 4 train this weekend due to work at the Fulton Street Transit Center and track replacement south of Grand Central-42nd Street. There will be a special J subway shuttle available for service between Chambers Street-Brooklyn Bridge and Atlantic Avenue.

xoxo Transit Blogger

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MTA Bus Good Friday Service Advisory

Posted by
on April 20th, 2011 at 1:25 pm

Here is the MTA Bus Company’s plans for bus service on Good Friday courtesy of a press release:

On Good Friday, April 22, MTA New York City Transit and MTA Bus Company buses will operate their regular weekday hours of service and travel paths with minor scheduling adjustments on some bus routes. MTA Bus routes Q6, Q25 and Q65 will not operate Limited-Stop service. Customers must use local buses instead.

MTA New York City Transit subways and the MTA Staten Island Railway are on a regular weekday schedule.

xoxo Transit Blogger

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Free Rides Come One, Come Many….

Posted by
on April 18th, 2011 at 11:34 pm

It never fails as every few months, an elected official genius or two will promote or share some asinine idea involving the MTA with zero merit behind it.

Cue up the latest individuals, some unnamed members of the State Legislature which have introduced bills that would mandate the MTA to provide free or discounted rides to over 1 million riders. Pete Donohue of the New York Daily News has more in this report:

What the hell – free or discounted trips on the subways, buses and commuter trains for everyone!

Members of our now slightly less dysfunctional state Legislature have introduced bills requiring the MTA to give free or reduced-price travel to more than 1 million additional New Yorkers – without providing an extra dime to make up for the lost revenue.

College students would get at least 25% off.

Senior citizens wouldn’t have to pay at all.

Off-duty fire marshals, off-duty police officers and retired cops would all get freebies.

Under one of the bills, the MTA would be legally prohibited from charging public school students – something it threatened to do during a recent fiscal crisis. The proposed bill, however, wouldn’t even require that state and city government continue paying part of the tab as they have for years.

Click here for the complete report.

As I stated, these geniuses always have some asinine idea to share. The kicker with these recent introduced bills is that none of them contain information on where the money is coming from to subsidize these rides. Since the city & state clearly want nothing to do with helping foot the bill.

While the chances of these bills becoming law are slim to none, it sure shows how our so called leaders waste time with such nonsense. I would love to hear their thoughts on where the money was magically coming from to pay for these rides. Maybe they thought the MTA could come up with monopoly money to pay for these rides.

So go ahead, make the MTA foot the bill for these rides. Don’t come crying later when fares have to be raised, services cut, & a system falling into further states of disrepair. You know what they say, “you get what you paid for”.

xoxo Transit Blogger

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