By Jill Colvin
MIDTOWN EAST— The MTA will sell its Madison Avenue headquarters to reduce costs and raise funds, the authority announced Thursday.
The consolidation plan calls for the selling of three Midtown buildings along East 44th and East 45th streets, whose sale is expected to bring in at least $150 million, the MTA said. It plans to use the money to support capital projects.
"Selling our Madison Avenue buildings is a true triple play, allowing us to raise capital funds, avoid costly renovations and make better use of our office space downtown," MTA Chairman Jay Walder said in a statement.
The MTA has been hit with serious cutbacks from the state, but has promised not to raise fares or tolls until 2013.
Grand Central Partnership public affairs director David Roskin said that the stretch is right in the midst of the Grand Central area along a bustling corridor that is very popular with major corporate tenants.
"I'm sure that a property like that will be highly coveted," he said.
The authority has already eliminated 3,500 positions to save money, leaving empty offices space in its Madison Avenue and 2 Broadway buildings.
The more than 800 staff who used to work in the headquarters will now be moved to 2 Broadway. They expect to complete the move within the next two to three years.