April 2, 2020
The Metropolitan Transportation Authority and New York City reached an agreement to redevelop the agency's former headquarters in Midtown as part of a revenue-generating plan, officials announced on Thursday. The redevelopment of the site at 341-347 Madison Avenue is expected to create more than $1 billion for the cash-strapped agency's capital program. The deal, delayed due to a prior dispute between city and state officials, comes nearly a decade after the MTA first announced plans to sell or lease its three-building complex.
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