By Colin O'Leary
November 14th, 2018
The Metropolitan Transportation Authority (MTA) is in the process of purchasing Grand Central Terminal in New York City for a reported $35 million. The deal also includes control of Metro-North Railroad's Harlem & Hudson Lines. According the Commercial Observer, the development rights along the Harlem & Hudson lines are also included in the deal.
Midtown Trackage Ventures is the seller. The holding company has owned the assets for nearly a decade. The company has been leasing Grand Central Terminal to the MTA for $2.4 million annually. This historic Grand Central Terminal first opened its doors to the public in 1913. It's one of New York's busiest transit hubs and most visited tourist spots.