Bronx Property Sale Gets $30.5M for MTA Capital Program

New York’s Metropolitan Transportation Authority will receive $30.5 million for its capital program through the sale of Bronx property for a 260,000 square-foot retail complex and possibly 100 units of senior housing if public financing is available, the city and the New York City Economic Development Corp. announced.

Grid Properties Inc. and Gotham Organization Inc. under a joint venture are acquiring 550,000 square feet of property at East Gun Hill Road and the New England Thruway, or Interstate 95, the MTA said in Friday’s announcement.

New York City now owns the site, which the MTA controls under a master lease agreement. According to MTA officials, a request for proposals process attracted 10 bids.

The transaction “represents the continuing success of our initiative to maximize the value we receive from MTA-controlled real estate,” authority chairman and chief executive Thomas Prendergast said in a statement.

The sale marks the latest MTA effort to sell up to nine city-owned properties it no longer needs in exchange for capital funding. The others are the former New York City Transit headquarters in downtown Brooklyn, a parking lot for New York City Transit emergency vehicles at East Houston Street in Manhattan, and a deactivated electrical substation on E. 211th Street in the Bronx.

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Transportation industry New York
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