MTA to buy New York’s Grand Central Terminal for $35 million
NEW YORK (AP) — The Metropolitan Transportation Authority is planning to buy New York’s Grand Central Terminal for $35 million after years of renting.
The Wall Street Journal reports the MTA finance committee approved the purchase on Tuesday. The proposal will go before the full board on Thursday and is expected to pass.
The deal also includes tracks used by the Metro-North Railroad.
The MTA currently pays close to $2 million a year to rent the terminal and tracks from investment group Midtown Tracking Ventures LLC.
The purchase would allow the MTA to get a share of the profits from developments built near the tracks.
It would also give the authority more control over the terminal before the Long Island Rail Road starts operating there in about four years.
Information from: The Wall Street Journal, http://www.wsj.com