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New York's Metropolitan Transportation Authority has delayed for one month a vote on an exclusive pre-agreement for a 99-year lease of its former midtown Manhattan headquarters to Boston Properties.
City officials say loose ends exist to the so-called triple-net lease of the 25,000-square-foot property at 341-347 Madison Avenue, including whether the authority can transfer its tax-exempt status to a private concern, which would make payments in lieu of taxes.
Boston Properties, the firm of real estate magnate Mortimer Zuckerman, wants to build a skyscraper there.
"The city's ready to commit, but the issues are significant," said city transportation Commissioner Polly Trottenberg, who also sits on the MTA board. "There is a real question we need to work through, and I'm...