The MTA board voted today to approve a 99-year, $1-billion lease for the Hudson Yards land with Tishman Speyer. While the deal still has to clear a few hurdles, the MTA anticipates that this money will, in the words of The Times, “plug a $700 million gap in the authority’s capital budget and catalyze development on the West Side.” Hopefully, this money can help ensure the completion of the 7 line stop at 41st and 10th Ave. Don’t count on the windfall going toward the now-shelved service upgrades. [City Room]
MTA sells Hudson Yard land rights for $1B
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This is great news. On Monday the MTA looked like big losers with broken promises and budget deficits, now all of a sudden we got the money (hopefully) to do the improvements and hen some.
Remember, 1 Billion is the lease… but the MTA still will get yearly taxes from them as well (damn NY can tax a person/company to death…). Now if they can get the Atlantic yards thing going…