MTA HQ Redevelopment Will Rise More Than 1K Feet, Report Says

MIDTOWN MANHATTAN, NY — The development replacing the MTA's former Midtown headquarters on Madison Avenue could rise more than 1,000-feet-tall, according to reports.

Developer Boston Properties is planning to construct a supertall office tower after demolishing the former MTA building at 347 Madison Ave between East 44th and 45th streets, New York YIMBY first reported. Plans for the tower were revealed in a draft environmental statement acquired by the real estate publication.

Boston Properties struck a deal with the city and the MTA earlier this year to acquire the site. Real estate taxes and revenue gained from the ground lease of the 347 Madison Avenue site will be allocated to the MTA's capital projects budget after the site is turned over to private developer Boston Properties for redevelopment.

The money will be collected by the city and then disbursed to the MTA, which city and transit officials described as a "creative" way to fulfill the city's obligation to provide $2.66 billion to the MTA's 2015-2019 Capital Program, officials said in April

Boston Properties previously won the rights to redevelop the former headquarters building into a new office tower through a request for proposals bid in 2016. The site is located blocks away from Grand Central Terminal. Boston Properties plans to offer pedestrian access to the transit hub from its new development.

Construction on the new tower is expected to begin in 2022 and be complete by 2026, New York YIMBY reported. Demolition of the former MTA building, which hasn't been used as the agency's headquarters since 2014, will begin later this year, according to the report.