Posted Oct 14, 2013, 8:19 AM
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Join Date: Jan 2012
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NEW YORK | 341 Madison Ave
MTA's Madison Avenue Headquarters to Make Way for Luxury Developments
By Alan Neuhauser
June 27, 2013
Quote:
There goes the neighborhood.
The MTA is moving from its Midtown Madison Avenue headquarters and making way for luxury developments that could include a high-end hotel, ritzy residences, Class A offices or some mixture of the three, the transit agency announced on its website Thursday.
The move, taking place at 341, 345 and 347 Madison Ave. between East 44th and East 45th streets, was first announced in April 2011, and it is scheduled to take place by the end of next year.
"It is part of a larger effort the MTA is undertaking that is projected to generate $600 million in cost savings and revenues," the agency stated, namely through consolidating office space, reducing the agency's workforce, and selling property.
The MTA issued a request for proposals from developers on Tuesday seeking a 99-year lease. Whichever company comes aboard, it said, all three buildings are expected to be demolished.
"They cannot be combined and have inefficient floor plates and redundant and antiquated building systems that have rendered them obsolete for office use," the agency said.
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Another supertall for Midtown? Bring it on!
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