Cash-Strapped MTA Selling Headquarters

The sale is expected to net the agency $150 million.

By Paul DeBenedetto
|  Thursday, Apr 21, 2011  |  Updated 5:10 PM EDT
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Cash-Strapped MTA Selling Headquarters

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The cash-strapped MTA is selling its Madison Avenue headquarters, the agency announced on Thursday.

The sale, which the MTA says will yield at least $150 million, is part of a cost-cutting measure the department is taking that includes a 20 percent reduction in payroll and 3,500 layoffs.

Vacancies from the layoffs have made much of the headquarters' space obsolete.

“The hard work we’ve done to overhaul how the MTA does business is opening the door for even greater cost savings,” MTA Chairman Jay Walder said in a release.

The agency plans to move many of those remaining employees downtown to 2 Broadway, the location of its New York City Transit office.

Metro-North employees who were located in the headquarters near Grand Central Station at 347 Madison Ave. will now be relocated to other facilities, including offices in North White Plains, more than 25 miles away, the MTA said.

The headquarters is expected to be completely vacated within two to three years.

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