![]() ![]() ![]() The MTA has considered leasing out one of the spaces in the new concourse in an individual deal, master tenant in place or not, because the individual stall is complete. You can get a sense of what works if you leverage that intellectual capital.” But for Grand Central Madison, “we’re looking for people who really do this for a living, whether it’s in the airport space, another transit space or even the suburbs. “We upstairs individually ourselves because historically that’s the way it’s worked out,” he said. ![]() “We would rather have a master tenant to have one vision for the entire north-to-south corridor and curated appropriately by people who know how to do that,” Florio told Commercial Observer. Those data points have become elusive with ridership still impacted by a lagging return to office, not to mention the fact that construction on many of Grand Central Madison’s 25 stalls is still ongoing.Ī master tenant like Hudson Group or Delaware North would fit the description of who the MTA would like managing the space, similar to the partnership the agency has with Vornado Realty Trust at Pennsylvania Station. On one hand, the MTA is attempting to replicate another successful leasing model, while on the other hand, the effort to get spaces leased has been stalled by the fact that finding a master tenant requires foot traffic data and ridership numbers. The maximum amount of retail space that the MTA believes it could lease would be around 25,000 square feet between built-out space and kiosks. On the heels of the February opening of the 700,000-square-foot Grand Central Madison - that two-decade-long and nearly $13 billion project to connect Grand Central Terminal to the Long Island Rail Road - one would think the retail component of the addition would have been fully leased up prior to welcoming commuters.īut it has been more complicated than simply getting tenants to sign leases for storefronts in what are now the deepest depths of Grand Central, according to David Florio, the Metropolitan Transportation Authority’s chief of real estate transactions and operations, who has been on the hunt for one entity to manage leasing for all 25 spaces in Grand Central Madison. SEE ALSO: Forecast of Doom: Theaters Ride Out a Sluggish Summer Box Office Start ![]()
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