with the MTA hemorrhaging money, the city and state have come together with a deal here to help with the funding shortfall.
https://www.crainsnewyork.com/real-estate/mta-deal-city-clears-way-skyscraper-near-grand-central
City and state officials have reached an agreement on the redevelopment of the former Metropolitan Transportation Authority headquarters near Grand Central Terminal, ending years of squabbling over the project.
The site at 341–347 Madison Ave. is projected to bring in more than $1 billion for the MTA’s capital program, the agency said in a statement.
Boston Properties Inc. has been “conditionally designated” to lease the site and construct an office tower that will include an entrance to a new Long Island Rail Road terminal at Grand Central, the MTA said.
“With the MTA and our government funding partners still assessing the budgetary implications of the coronavirus pandemic, this funding is more important than ever,” MTA Chief Financial Officer Bob Foran said in a statement. “It demonstrates how the MTA is taking every step it can to shore up its funding.”
The MTA, which runs the largest public transportation system in the nation, needs cash. The transit system is losing an estimated $125 million a week in fare revenue and bridge and tunnel toll receipts as ridership plummets during the coronavirus outbreak.