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Exposed: The MTA's Untapped Real Estate Resource

When the MTA headquarters building at 370 Jay Street was 95% emptied in 2005 (during the mad dash to occupy and justify 2 Broadway), let’s not forget that the 130 Livingston building – just a few blocks away in downtown Brooklyn -- was also emptied of at least 60-70% of its personnel. This 60-70% represents 275-320,000 sq ft. of prime office space that is not being utilized.

In the rush to occupy 2 Broadway and justify its titanic lease payments, hundreds of thousands of square feet of real estate the MTA owned was abandoned. Our original argument was that the MTA could save the $2.3 billion that remained on the lease of 2 Broadway by moving out and subleasing the space. The way we originally proposed to do this was to restore 370 Jay Street and utilize that space, and move back into the 130 Livingston Plaza space that had been abandoned.

Now that it appears we are losing 370 Jay Street, has our argument changed? No, it has not! Our original concept remains the same. There are other places to go for the MTA. Even if Jay Street is no longer on the table with its 540,000 sq. ft., we have found that much space and more! Time to revisit our underground spaces story!

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