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Developers Secure Deal With City to Build on MTA Parking Lot, Report Says

 The project at 606 Broadway will consist of two stories of retail space, four stories of office space, and an outdoor terrace, according to reports.
The project at 606 Broadway will consist of two stories of retail space, four stories of office space, and an outdoor terrace, according to reports.
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Navid Maqami/S9 Architecture and Engineering

SOHO — Developers have closed on a deal with the city to build a six-story glass residential and retail building on a parking lot at Broadway and East Houston Street, according to reports.

Madison Capital and Vornado Realty Trust have locked down the necessary financing to carry out construction on the site, which is currently a parking lot for the Metropolitan Transit Authority’s emergency vehicles, the Wall Street Journal reported.

In exchange for the land, the developers purchased a parking lot at 6–8 E. 20th St. in the East Village for $13 million and handed it over to the MTA for emergency vehicle parking, according to the Journal

The glass monolith will sit at the corner of East Houston Street, two blocks away from a similar luxury development set to replace the shuttered BP gas station at 300 Lafayette St. — a development neighbors say is depriving Lower Manhattan of a valuable and dwindling resource.

The project, slated for a 2018 completion, will consist of two stories of retail space, four stories of office space, and an outdoor terrace, the report states. 

Madison Capital in 2014 agreed to scale down the retail space from the initially planned four stories following a prolonged discussion with community members and local politicians.