[NYguy]

Originally Posted by Hudson11

If there's funding shortfalls, this sounds like it will be a 425 Park situation. The site calls for a grander skyscraper, but they're going to build something new sooner rather than later. Full demo here, of course, but it may not be a supertall if they're insecure about funding.

The funding shortfall refers to the state shortfall, not the developers. This will be built as usual, utilizing the new midtown east rezoning. The Grand Hyatt redevelopment is another development that could free up some money for the MTA, which desperately needs it.




https://www.bloomberg.com/news/artic...-grand-central

MTA Deal With City Clears Way for Tower Near Grand Central





By Natalie Wong and Michelle Kaske
April 2, 2020

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 Avenue is projected to bring in more than $1 billion for the MTA’s capital program, the agency said in a statement.

The deal calls for New York City to use $600 million from the development to fund obligations to the transit agency, according to the statement.

“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.