More than two years after the Metropolitan Transportation Authority announced plans to move from its Manhattan headquarters, the agency is finally seeking a tenant to take over the Madison Avenue site.
The MTA said its “expected to generate significant revenue for its capital program” by signing a long-term lease with developers who will likely demolish the three buildings and replace them with new structures, such as a hotel or offices.
MTA employees currently occupy 347 Madison Avenue, but the MTA also owns the buildings on both sides.
The agency issued a request for proposals on June 25.
Employees from will move to 2 Broadway in Lower Manhattan, where NYC Transit, MTA Bridges & Tunnels and the MTA Capital Construction are headquartered. Metro-North staff will relocate to 420 Lexington Avenue.
In addition to leasing the Madison Avenue location, the MTA is allowing New York University to use its former NYC Transit headquarters at 370 Jay Street in downtown Brooklyn. NYC Transit is also trying to lease eight properties that it controls, including a parking lot at Houston Street and Broadway in Manhattan, and a former golf range at Gun Hill Road and Interstate 95 in the Bronx.
(MTA headquarters on Madison Avenue. Photo credit: MTA)