MTA Buys Crown Heights Repair Shop for $25M
By Nick Trombola April 3, 2024 4:30 pm
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The Metropolitan Transportation Authority (MTA) has purchased a repair shop in Crown Heights, Brooklyn, that it has leased for a quarter of a century, according to public records.
The MTA paid former owner President Maintenance, affiliated with Taormina Holding founder and President Joseph Taormina, $25.3 million for the 57,000-square-foot property at 1590 Bedford Avenue.
Neither the MTA nor Taormina immediately responded to a request for comment on the transaction.
New York City Transit (NYCT), a branch of the MTA, has leased the building for its centralized repair and maintenance shop for all NYCT stations since 1999, according to public records.
NYCT’s lease on the building was set to expire June 30. However, because NYCT wanted to remain in the three-story building for the long term, MTA opted to purchase it outright, according to MTA board minutes from October 2023.
The building has a long history in Brooklyn. It was built in 1926 along what was then known as “Automobile Row,” a collection of car showrooms, gas stations and repair shops, Brownstoner reported. The property originally served as a service center for car dealer Simons Motor Sales Company, later known as Simon Stewart Company, until the 1930s.
President Maintenance bought the building in 1977 for an unknown amount, according to property records.
CBRE (CBRE) brokered the deal on behalf of the MTA, but it’s unclear which brokers were involved. A spokesperson for CBRE did not immediately respond to a request for comment.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
