NYC's Transit System Sold A SoHo Parking Lot For $26 Million
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This SoHo lot on Houston St will earn the MTA $26 million.
New York's Metropolitan Transit Authority (MTA) is selling a parking lot in SoHo for $25.83 million, it and the New York City Economic Development Corporation (NYCEDC) announced today.
The MTA will use the money for its capital program. The agency is always in need of cash, and revealed plans this morning to increase service on the G and M train lines, using increased state funding.
The sale, to real estate development company Madison Capital, is part of an effort by the MTA to "identify opportunities to derive the maximum possible value from real estate we own or control," Chairman and CEO Thomas F. Prendergast said in a press release.
The triangular lot covers 6,190 square feet on the south side of Houston Street between Broadway and Crosby Streets. At the moment, it's being used to park emergency response vehicles, which will be relocated to a nearby site in the Flatiron District.
Whatever Madison Capital decides to do with the property, plans will go through the NYC Uniform Land Use Review Process, and it is required to maintain the subway entrance (to the B, D, F, and M trains).
Alex Davies via Google Maps
Alex Davies via Google Maps
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