MTA Looks To Sell $1 Billion Of Land

It's no surprise that the MTA need some money, but reports that the MTA is planning to raise $1 billion by selling off property is still incredible. Chaiman Peter Kalikow said, "We would sell an asset to buy another asset," like selling land around some commuter station and buying new subway cars. The money, however, would not prevent a fare hike. Additionally, the Post reports that if plans for the Jets Stadium on the West Side and Nets arena in Brooklyn go through, the MTA could make a fair amount of change. Hmm, this plus subway sponsorships might pull the MTA a little more out of debt, but Gothamist still thinks the MTA needs more state aid - no matter what the politicians think. Anyway, this sounds like what Kalikow is about: Big real estate deals. Read New York magazine's profile about him to get a sense of his place in NYC real estate and transit history.