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MTA’s Director of Real Estate speaks to the PCAC on office utilization plans

At the PCAC June quarterly meeting, Jeff Rosen, MTA Director of Real Estate, presented plans for better utilization of real estate assets.  Specifically, he addressed the office space at 347, 345  and 341 Madison Ave (Headquarters) and 2 Broadway in lower Manhattan, currently occupied by New York City Transit and Bridges and Tunnels.  He said that studies showed that 2 Broadway could accomodate considerably more employees if the layout were more efficiently configured.  The Madison Avenue complex, older buildings in need of updating, has significant untapped value because of its location near Grand Central Terminal.  The current buildings would have to be demolished and replaced by a new high rise office building, but MTA would most likely retain the ground lease.  Rosen pointed out that tenants in the new building would have direct underground access to the new LIRR station under GCT (the East Side Access capital project) when it is completed.  Metro-North Railroad executive offices would remain in the Grand Central Terminal area, while MTA Headquarters staff would be transferred to 2 Broadway.   Of course, there will be much more discussion and analysis along these lines going forward.

Click here for Mr. Rosen’s full presentation.