The budget-beleaguered MTA has an ambitious plan to sell or lease a number of its properties to raise over $1 billion. This sounds like what any debt-ridden company should do, but the NY Times revealed another wrinkle in overall efforts to reduce the MTA's debt: NY State is thinking about taking $1 billion from sales tax revenues that would have gone to NYC and giving it to the MTA instead. Argh. Besides state vs. city issues, the NY Times article discusses whether or not businesses can really be opened at commuter stations, which is what the MTA is pinning some of its hopes on. Gothamist thinks that services like dry-cleaning, good take-out (commuters order from the train and the food is ready when they get to the station), shoe repair, and video rentals are a good way to go.
Additionally, many opponents of the West Side Stadium plan say the MTA is "squandering" money if they sell the West Side rail yards to the city. A study (backed by Madison Square Garden) claim the West Side rail yards are worth $1 billion in the open market, while the possible sale to the cithy would net far less. The interesting thing is that the $1 billion valuation would only stand if the West Side stadium plan went through. And funnily enough, the Mayor hasn't been to a Knicks game all year because of his fracas with Cablevision and James Dolan.
At any rate, it looks like the MTA board will approve fare and toll hikes. Check out the city's website for Hudson Yards.
