I Have Low Expectations

The Metropolitan Transit Authority (MTA) owns what might be the last undeveloped piece of land in Manhattan (if you consider rail track undeveloped). They recently sold it to a developer called Tishman Speyer. It was some sort of $1 billion deal. Well, Tishman Speyer backed out.

Now I'm not gonna pretend to know anything about New York City commercial real estate or the terms of the deal or who's to blame for what.

But I've been a consumer of the MTA's services for more than fifteen years now. I've marveled as they've raised fares and cut services. I've been astonished as they've cooked books and somehow gotten a free ride. I've been floored by their constant ability to redefine "incompetent management."

So no, I'm not surprised that a real estate deal involving the MTA fell apart.