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The measure comes as the outfit strives to close a budget gap of approximately $100 million. It is currently trying to close this gap without resorting to upping fares or cutting back on service.
MTA has a glut of unused office space throughout the city of New York and White Plains after having cut administrative staff by 18 per cent in the last couple of years. It is now casting around for a real estate firm to help it sell or lease the unused space.
The MTA spends almost $89 million per year on rent, operating costs, and taxes on its properties.
Robert Knakal, the chairman of Massey Knakal Realty Services, told the WSJ: “Clearly, the MTA has a very significant amount of excess real estate that could be converted into cash.”
MTA Headquarters has 277,000 square feet of office space spread over three separate but adjoining buildings which dominate the west side of Madison Avenue, running between 44th and 45th streets. Grand Central Terminal is connected to the buildings via a below-ground passage.
According to the WSJ, the MTA also has five buildings in Jamaica, Queens, and has long-term leases on buildings in downtown Brooklyn. One of these is the Transit Museum on Livingston Street.
Currently, the MTA serves 12 counties in New York and two counties in Connecticut under contract with the Connecticut Department of Transportation. It carries over 11 million passengers per day and more than 800,000 cars per day. It has seven toll bridges and two tunnels.
Editor’s notes: As of June 2023, New York’s MTA headquarters were listed as 2 Broadway in Downtown Manhattan.
The MTA had signed a 49-year lease for the entire building in July 1998, with two 15-year renewal options.
MTA Employees at the Madison Avenue offices were relocated to 2 Broadway in 2014 and early 2015. The MTA also moved its Business Service Center and Capital Project Management offices from other properties in the city to 2 Broadway in 2020.
Running consistently at a deficit for many decades, the pandemic created a 50 per cent to 90 per cent drop in ridership on all of the MTA’s systems, so the agency was required to request $4 billion in federal funds.
In November 2021, it was announced that the former block occupied by MTA between 44th and 45th Streets would be redeveloped.
Plans for the 1,050-foot supertall skyscraper were approved by the city at the time. In April 2020, the MTA struck a deal with the city to redevelop the block, which commentators advised would generate $1 billion for both parties through real estate taxes and other revenue.
In December 2025, it was reported that MTA had put 350,000 square feet of air rights up for sale. MTA issued a request for proposals (RFP) seeking a buyer for up to 350,000 square feet of air rights tied to the Fulton Center and the neighbouring Corbin Building in Lower Manhattan, as part of its ongoing real estate restructuring program.
As of July 2026, MTA listed its headquarters as 2 Broadway, New York, NY 10004.