Strategic asset analysis
We evaluate MTA's entire property portfolio to ensure we are getting the best value from our mix of real estate assets. Whenever we convey property interests or acquire real estate assets, we consider three key outcomes:
Improve transit
Reposition assets to better support MTA transportation mission and customers.
Support operational needs
Encourage developers to provide in-kind improvements to support MTA operations.
Monetization
Generate funds from development of MTA assets and air rights to support the MTA Capital Plan.
Featured projects
343 Madison Ave
TOD selected Boston Properties to redevelop the MTA's former headquarters site on Madison Avenue. The redevelopment plan includes a new, direct entrance to LIRR Grand Central Madison. Construction of the entrance will be accelerated ahead of the office building to provide early public use.
Transaction details:
- $1B in ground rent revenues to be generated for the MTA's capital program
- $92M developer funded and built direct entrance to the LIRR Grand Central Madison concourse
- Approximately 900,000 SF of Class A office space
Location: Midtown, Manhattan
Status: Pre-Construction, Q3 2024 start
Gun Hill Bus Depot
As part of our commitment to sustainability, the MTA will transform its entire bus fleet to zero-emissions vehicles by 2040. TOD selected a long-unused site in The Bronx to redevelop into a battery electric bus charging facility. The core and shell will be privately built. Read the press release here.
Transaction details:
- $54M in revenue for MTA Capital Plan
- $96M in-kind capital improvement
- Developer-built core and shell for 220 bus charging stalls
Location: Baychester, The Bronx
Status: Pre-Construction
Quay Street Redevelopment
TOD selected the Gotham Organization to redevelop 40 Quay Street, a single-story warehouse home to NYCT's Mobile Wash unit and Material Storage. Gotham will construct a new NYCT facility in East Williamsburg and redevelop 40 Quay into a multi-story mixed-use project creating new apartments, retail, and several public spaces.
Transaction details:
- $40M in net revenue generated for MTA capital program
- New, developer-built turnkey facility for NYCT Mobile Wash, Material Storage, and Emergency Response
- Relocation of NYCT Emergency Response will allow for construction of planned park at Box Street
- Est. 1,000 units of mixed-income housing (avg. 60% AMI)
- Over 100,000 SF of commercial/retail space
- Permanent location for the Greenpoint Monitor Museum
- Public riverfront promenade & annual payments to NYC Parks
Location: Greenpoint, Brooklyn
Status: Pre-Construction
Long Island City Clock Tower
As MTA's East Side Access Project neared completion, TOD planned for the best use of its construction sites. In Long Island City, TOD negotiated the sale of air rights to a new residential development generating revenue for the MTA capital program and guaranteeing improvements to a nearby subway station.
Transaction details:
- $56M sale of development rights towards capital program
- Developer-funded capacity improvements to the Queens Plaza station
- 958 units of market rate housing
- 288 units of rent-regulated housing
- New public park and playground
Location: Long Island City, Queens
Status: Completed
Dey Street Headhouse
To facilitate a housing development across from the Fulton Center , TOD sold a light and air easement and unused air rights, generating revenue for the MTA and allowing the building to create nearly 50% more units. TOD also negotiated for the developer to serve as a conduit for future air rights sales, expanding opportunities for the MTA to generate revenue in the future.
Transaction details:
- $17.3M in revenue generated for the MTA Capital Program
- 209 residential units, a medical office, and street-level retail
- Expanded area where MTA can sell additional surplus development rights from the Fulton Center
Location: Financial District, Manhattan
Status: Completed
Second Avenue Subway Phase 2
TOD is working with the MTA C&D project team to incorporate retail and housing into the design of entrances and ancillary facilities of the Second Avenue Subway Phase 2 stations (106 St , 116 St , and 125 St ). As construction nears completion, TOD will issue development RFP’s for sites that can accommodate new housing above MTA facilities.
Location: Upper East Side & East Harlem, Manhattan
Status: Pre-construction (SASP2 project)
