New York-based Metropolitan Transportation Authority (MTA) is seeking to raise about $150 million through the sale of its Manhattan headquarters, Bloomberg reports. The proceeds from the sale of the three buildings will help reduce the agency’s real estate holdings and the projected 2012-14 deficit of $649 million.
The buyer may increase the value of the property by obtaining air rights, controlled by Argent Ventures, associated with Grand Central. The agency purchased 347 Madison for $11.9 million in 1979, while in 1991 it bought 341 Madison for about $12.3 million and 345 Madison for $23.8 million.
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