MTA pays $33M to TF Cornerstone, MSD Partners for property associated with Grand Central Terminal

As part of the complex process for TF Cornerstone and MSD Partners to build a two million-square-foot mixed-use tower adjacent to Grand Central Terminal, the Metropolitan Transportation Authority paid TF Cornerstone and MSD Partners’ Midtown Trackage Ventures LLC $33.1 million for property associated with Grand Central Terminal at 77 East 42nd Street in Midtown. The deal closed on February 28, 2020, and was recorded on March 4, 2020.

This appears to be the transfer of land previously controlled by MTA through a lease into a fee. TF Cornerstone and MSD Partners, which manages funds including those of Michael Dell, plan to tear town the Grand Hyatt New York hotel adjacent to Grand Central Terminal, and replace it with a two million-square-foot office, retail and hotel tower.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link