MTA Real Estate for Sale?

As an authority, the MTA should be thinking in the long term. In general, when a small company starts to sell off its resources to meet its present budget, it's not a good business practice. It is a short term fix that rarely addresses the long term issues.  It is usually an act of desperation that means that the company is on the way down and is only staving off the inevitable.  However, sometimes in life we are faced with hard choices and a small business must resort to this to stay afloat. A Public "Authority" is not a small business.                                                                                                                    The Metropolitan Transit Authority cannot afford to be short sighted and should not be thinking like a small business. They should not be selling off valuable real estate assets to simply plug a gap in their present budget. This will only generate a one time shot, an influx of money that only helps this years budget. After all,  there will be a budget next year and the year after that, won't there? There will be trains and buses running in this city for many years to come and for this reason they need to make decisions that make sense in the long term.                                                                                                                                      In other stories on this site we have told you about the mess at 2 Broadway. The lease on that one building alone is $61 million dollars a year. The remaining balance on the lease is more than $2.3 Billion dollars. That's $2.3 Billion dollars that is not going back into the city's coffers, but into the hands of a private concern. So if the MTA is looking to save money and consolidate real estate, why sell 341, 345 and 347 Madison Ave? These buildings are owned by the MTA. They have been the MTA's headquarters in Manhattan for many years and they offer easy access to Metro-North and the Long Island Rail Road. Selling these buildings will only generate a one time shot of $100 million dollars, or so. This money won't even pay for 2 full years of the lease on 2 Broadway. The other building that the MTA has been looking to unload, 370 Jay St., won't even help to plug the budget gap because they plan on giving it away. The MTA's real estate plan, as it stands, makes no sense at all.                                                                                                                                                                                                                A better plan would be to use 2 Broadway just long enough to restore and renovate these other spaces. Once they are renovated, the yearly costs to the MTA will be nominal. One is owned by the MTA, the other is leased from the city for a dollar a year. After they are restored, the city will start to reap the benefits within 2-3 years. Then break the lease on 2 Broadway and move out of the one building that uses up more than 75% of the MTA's yearly real estate budget. This is a real estate plan that makes sense.                                                                                                                    If you agree, please take a moment to write to your politicians and tell them how you feel. It will only take a minute of your time to press the button on the spacebar above and start the ball rolling! We also ask that you, and your friends and family, sign our petition asking the MTA to move out of their expensive office tower at 2 Broadway and re-occupy 370 jay Street! We have created this petition in conjunction with the Workers Family Party and the more signatures we can get, the better!!

Comments

Post new comment

CAPTCHA
Please type the letters and numbers you see below. It is not case sensitive.
Image CAPTCHA
Enter the characters shown in the image.