The MTA is taking its turn as a hard-nosed profiteer in negotiations with NYU to establish itself at 370 Jay Street as an applied sciences campus, now that Cornell has cornered Roosevelt Island. Taking the beleaguered 370 Jay Street?underutilized by the transportation authority from the start?off of the MTA's hands seemed like a win-win situation for all parties. After NYU asked the City for $20 million in assistance in taking over the MTA's long-term lease at 370 Jay Street, however, the price has been bumped up to $50-$60 million, according to Crain's. "We are working with the city to provide a facility that better serves the needs of the community and to ensure that the MTA receives fair value for the building." The MTA has been criticized in the past for its terrible deal-making prowess.
· NYU nears deal on tech campus in MTA Brooklyn building [NYObserver]
· NYU Eyes MTA's 370 Jay Street For Applied Sciences Proposal [Curbed]
· The MTA's Five Worst Real Estate Deals [Curbed]