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  #81  
Old Posted Jan 12, 2017, 11:19 PM
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Of course...more unremarkable buildings left to block meaningful development.
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  #82  
Old Posted Jul 31, 2017, 8:16 PM
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https://www.bloomberg.com/news/artic...e-long-way-off

By David M Levitt
July 27, 2017


Quote:
...The new rules would generally allow owners to build as much as 18 to 27 times the area of their site, requiring them to buy air rights to achieve the maximums under the law. They can acquire air rights primarily from two sources: the unused development rights of the many landmarked buildings in the area, or by contributing to a fund to pay for mass-transit improvements at Grand Central Terminal and other subway stations affected by the anticipated higher densities.

...One of the first towers expected to follow SL Green’s is at the former Metropolitan Transportation Authority headquarters at 343 Madison Ave., two blocks north of 1 Vanderbilt. Boston Properties Inc. last year was designated the developer of that site, where it plans a 900,000-square-foot building. In an April 2016 conference call, Chief Executive Officer Owen Thomas described the project as “likely several years out.” The MTA site was part of the earlier rezoning.
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  #83  
Old Posted Jul 31, 2017, 8:46 PM
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That's a nice old building though. Shame.
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  #84  
Old Posted Aug 1, 2017, 1:23 AM
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That's a nice old building though. Shame.
Meh.


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  #85  
Old Posted Aug 1, 2017, 4:54 AM
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Meh.


Ok, most of the tower is pretty dull overall, but the base is worth something. If you keep knocking down all these "meh" towers, you'll find a more generic midtown soon.

Last edited by aquablue; Aug 1, 2017 at 6:01 AM.
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  #86  
Old Posted Aug 1, 2017, 3:04 PM
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Ok, most of the tower is pretty dull overall, but the base is worth something. If you keep knocking down all these "meh" towers, you'll find a more generic midtown soon.
Midtown is 98% "meh" towers.
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  #87  
Old Posted Aug 1, 2017, 8:42 PM
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Midtown is 98% "meh" towers.
I wouldn't go nearly that high but there are a lot of mediocre high rises. I'm not sure about losing these.. only thing is that though the good news is that the Midtown East zoning got through the City Council and there now at least is the possibility of development it seems easy sites to develop quickly will be sparse and it may take years to get going for the most part according to the news updates, as many will require years to plan and put together the needed parcels of property.
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  #88  
Old Posted Aug 2, 2017, 12:37 AM
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Ok, most of the tower is pretty dull overall, but the base is worth something. If you keep knocking down all these "meh" towers, you'll find a more generic midtown soon.
I don't think so. There are far more of these buildings in Midtown than anyone can imagine. And the vast majority (over 90%) will never be touched. You lose a few here and there, if they aren't landmarked - and likely for good reason - I see no crime.

What will change if Midtown east can't renew it's office building stock, is its status as the city's premier business district. That would be a shame.
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  #89  
Old Posted Aug 6, 2017, 12:44 PM
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I don't think so. There are far more of these buildings in Midtown than anyone can imagine. And the vast majority (over 90%) will never be touched. You lose a few here and there, if they aren't landmarked - and likely for good reason - I see no crime.

What will change if Midtown east can't renew it's office building stock, is its status as the city's premier business district. That would be a shame.
I don't know where you got that figure, but if it's true, I suppose it won't be too devastating. I think they should keep the best bases though on these buildings that are to be razed.

Last edited by aquablue; Aug 6, 2017 at 1:00 PM.
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  #90  
Old Posted Aug 6, 2017, 10:38 PM
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This is being developed by Boston Properties, and will likely be the second office tower to go up in the rezoned Grand Central neighborhood.

Relatively small site and 900k developable area (not counting any air rights purchases) so I would assume something very tall and rather thin for an office tower. Possibly a supertall.
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  #91  
Old Posted Aug 7, 2017, 5:46 PM
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I don't know where you got that figure, but if it's true, I suppose it won't be too devastating. I think they should keep the best bases though on these buildings that are to be razed.
It's not an exact number. But all you have to do is walk the streets to see. My number actually may not be high enough. But I don't think people realize how many buildings are in New York.
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  #92  
Old Posted Aug 24, 2018, 3:54 PM
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https://therealdeal.com/2018/08/24/t...-headquarters/

The MTA is still spending millions to maintain its empty headquarters
Agency spends roughly $4M a year on 341, 345 and 347 Madison Avenue






August 24, 2018


Quote:
The Metropolitan Transportation Authority is spending about $4 million a year to maintain its empty former headquarters in Midtown thanks to a dispute between the city and state.

The agency announced that it planned to sell or lease the 20-story complex at 341, 345 and 347 Madison Avenue back in 2011, and in 2016, it developed plans to lease the headquarters to Boston Properties for 99 years, according to the Wall Street Journal. MTA officials estimated that the deal would be worth about $1.3 billion, and Boston Properties hoped to build an office tower rising up to 900,000 square feet on the site.

However, the city opposed the deal because the terms said the developer would pay the MTA rather than pay real estate taxes to the city. The MTA expected those payments to be worth $961 million for the length of the lease.
Quote:
The MTA hopes to resolve these issues soon, and although some said the poor relationship between Mayor Bill de Blasio and Governor Andrew Cuomo was behind the dispute, MTA Chair Joe Lhota told the Journal that this was not the case.

“There has been nothing acrimonious about our negotiation and interaction,” he said.



https://www.wsj.com/articles/mta-sti...ate-1535059609


Quote:
During Mr. Prendergast’s tenure, hundreds of MTA workers were moved into the authority’s offices at 2 Broadway in lower Manhattan so that the headquarters—spread across three adjoining buildings at 341 Madison Ave., 345 Madison Ave. and 347 Madison Ave.—could be sold.
Quote:
The MTA announced its intention to sell or lease the 25,000-square-foot parcel of land in 2011 as it struggled to recover from the 2007-2008 financial crisis.

In April 2016, the MTA said it intended to lease its headquarters to Boston Properties Inc. for 99 years. At the time, MTA officials estimated that the deal was worth almost $1.3 billion, according to authority documents.

The size of the deal was made possible, in part, because of a change to city zoning laws near Grand Central Terminal that allowed Boston Properties to demolish the headquarters and raise a much larger building in its place. In an earnings call that summer, Boston Properties Chief Executive Owen Thomas said the firm expected to build up to a 900,000-square-foot office tower.
Quote:
On a recent weekday, one worker sat behind a desk in the building’s empty lobby while another worker sat on an office chair in front of an elevator bank.

A few shoppers drifted in and out of two clothing stores at street level. A third storefront sits empty, with a New York City Marshal’s notice dated June 2017 pinned to the window.

Two blocks south, a sign of what could one day replace the MTA headquarters is taking shape. One Vanderbilt, a planned 1,400 foot tower, is rising on the corner of 42nd Street.

People familiar with the MTA deal say that the city and the state are edging toward an agreement that will give the city a share in the development.
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Last edited by NYguy; Aug 24, 2018 at 4:10 PM.
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  #93  
Old Posted Nov 22, 2019, 4:06 AM
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These buildings are almost totally empty. I wonder if demo is imminent.
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  #94  
Old Posted Nov 22, 2019, 12:56 PM
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I hope Boston Properties delivers a spectacular supertall. This is an A+ location.
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  #95  
Old Posted Nov 22, 2019, 3:07 PM
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I agree, but I doubt it. BP builds crap in NY.
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  #96  
Old Posted Apr 2, 2020, 2:00 PM
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https://www.crainsnewyork.com/real-e...-grand-central

MTA deal with city clears way for skyscraper near Grand Central

Bloomberg
April 2, 2020


Quote:
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.

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.
Quote:
The MTA announced in 2011 that it wanted to sell the Madison Avenue buildings, but the project has been stalled for years due to disagreements over the revenue. Now, funding shortfalls associated with the coronavirus have kick-started the project

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.

The MTA is set to receive $4 billion in federal aid to cover the lost revenue, but Pat Foye, the agency’s chief executive officer, has said it will need more state and federal assistance.

The MTA site includes 347 Madison, which was built in 1929 and originally known as the Equitable Trust Building. The transit agency was stationed at there from 1979 until 2014, when it moved to 2 Broadway.

The proposal still needs formal zoning approval.
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  #97  
Old Posted Apr 2, 2020, 2:26 PM
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This sounds like it will be a 425 Park situation. The site calls for a grander skyscraper (sitting on the lucrative Vanderbilt corridor), but now they're going to build something new sooner rather than later affixed with those transit improvements. Full demo here, of course, but it may not be a supertall if they're insecure about funding. Pull it down, put something better up asap and lease it.

edit: I think I read that wrong. The MTA is the one with a funding shortfall (decrease in ridership) BP is the developer here, so maybe that won't be reflected in the design.
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  #98  
Old Posted Apr 2, 2020, 2:31 PM
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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


Quote:
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.
Quote:
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.
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  #99  
Old Posted Apr 2, 2020, 2:40 PM
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The full press release...



http://www.mta.info/press-release/mt...madison-avenue

MTA and City of New York Announce Agreement to Dedicate 347 Madison Avenue Redevelopment Proceeds to MTA Capital Program
Revenue from Redevelopment of MTA-Owned Site 341-7 Madison Avenue to Generate More Than $1 Billion for MTA Capital Investments



April 2, 2020


Quote:
The Metropolitan Transportation Authority (MTA) and the City of New York today announced an agreement on a site-specific value capture strategy to jump-start development of 341-7 Madison Avenue, the site of the MTA’s former headquarters East Midtown. Real estate taxes and other revenue generated from the future ground lease for the redevelopment of the property will be dedicated to the MTA capital program.

The redevelopment plan is expected to generate more than $1 billion over the life of the ground lease to fund approved transit projects. It provides a creative way for the City of New York to fulfill its obligation to provide $600 million from alternative non-tax-levy revenue sources as part of its $2.66 billion contribution to the MTA’s 2015-2019 Capital Program. It also demonstrates the MTA’s commitment to maximizing the value of its real estate assets.

In addition, like other developments in East Midtown, more transit improvements in Grand Central Subway will be completed in conjunction with the project.
Quote:
“The deal embodies the MTA’s commitment to maximize the value of its assets for the public’s bottom line,” said Janno Lieber, President of MTA Construction & Development. “The project is an example of environmentally friendly transit-oriented development. The new project will include a new entrance on Madison Avenue with direct connection to Grand Central and the new Long Island Rail Road terminal. The terminal is set to open in 2022. Optimizing connections between jobs and public transportation is key for future economic growth all over the downstate region.”

“The revenue associated with this agreement fills a critically needed funding segment for our Capital Program,” said MTA Chief Financial Officer Robert Foran. “With the MTA and our government funding partners still assessing the budgetary implications of the coronavirus pandemic, this funding is more important than ever. It demonstrates how the MTA is taking every step it can to shore up its funding.”

“This type of redevelopment deal is consistent with what we envisioned when we agreed on a funding commitment to the MTA’s 2015-2019 Capital Plan,” said New York City First Deputy Mayor Dean Fuleihan. “Through mutual agreement, we were able to find a creative way to fund transit projects on behalf of riders, while also ensuring that the maximum potential of the East Midtown Rezoning is fully realized.”
Quote:
“Our East Midtown Rezoning provided a way to responsibly increase the economic value of one of the city’s most vibrant and transit-oriented areas,” said Vicki Been, New York City Deputy Mayor for Housing and Economic Development. “This transaction builds on our success to date at One Vanderbilt and 270 Park Ave by further generating first class space to attract new businesses and good jobs to the City while ensuring the new developments invest in transit and public spaces that will benefit the business district and everyday New Yorkers.”

The Madison Avenue site served as the MTA’s headquarters from 1979 until 2014, when employees were moved to 2 Broadway where they are co-located with the headquarters of MTA New York City Transit and MTA Bridges and Tunnels. 347 Madison was built in 1917 and was originally known as the Equitable Trust Building after the bank that first occupied the building.

The MTA issued an open, competitive request for proposals from the real estate development community seeking maximum return for the prime site. The request generated intense competition, with nine entities submitting bids to lease and redevelop the site. Boston Properties was conditionally designated as the developer of this site. The project proposal will be evaluated through New York City’s Uniform Land Use Review Procedure and propose a set of transit improvements to be constructed to earn a zoning bonus.
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  #100  
Old Posted Apr 2, 2020, 2:49 PM
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Is this going to be an entire block development?
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