The Metropolitan Transportation Authority, North America’s largest transit network, has signed a 20-year lease with SL Green Realty Corp. for an expansion of the Metro-North Commuter Railroad Co. at 420 Lexington Ave., also known as the Graybar Building.
Several years ago, the MTA announced plans to sell its three-building complex at 341-347 Madison Ave., the location of the headquarters of the MTA and Metro North Railroad. Bids from developers are currently being reviewed. The plan is expected to generate more than $150 million to help close a $15 billion projected budget gap for a 2015-2019 capital program, the MTA said in a statement.
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