MTA Buys Former Reichold Chemical Building

WHITE PLAINS-In a deal worth approximately $15.5 million, the 77,000-sf 525 N. Broadway office building has changed hands. The former Reichold Chemical building has been purchased by the Metropolitan Transportation Authority from North Broadway Plaza LLC.

John McCarthy of McCarthy Associates of White Plains represented the seller and procured the buyer in the transaction. An MTA spokesman says the agency plans to relocate Metro North staff currently housed at the Graybar building at Grand Central Terminal in New York City, as well as from leased space in Elmsford and personnel now housed in trailers at the Croton-Harmon Yard to its new office asset in North White Plains.

The spokesman says he does not know as of yet whether MTA will occupy the entire building or look to lease out some space there. There are some existing tenants at the building that was developed in 1986. It is not known as yet whether the MTA will look to sign new leases with the firms once their leases expire. In addition to tenant parking spaces, Adjacent to the building is an enclosed 112-car parking garage that was part of the purchase that he says will become a public garage that could also serve overflow from its nearby North White Plains Metro North station.