by MN Jim
Actually, I finally got my Java plug-in working again, and I was able to view the actual lease agreement between APU and MTA in 1994. The option period for purchase by MTA begins April 8, 2017 and ends October 5, 2019. So the MTA can't buy the property until 2015 at the earliest.
Even then, if APU doesn't want to sell when MTA exercises the purchase option, they can extend the lease once for up to 15 years, after which they have to sell to MTA if MTA still wants to buy.
So APU still technically owns GCT and the Hudson & Harlem Lines, leasing it to MTA until 2274 or whenever MTA exercises the purchase option.
For those who are interested, the link is: http://a836-acris.nyc.gov/Scripts/DocSe ... 0004818959
That brings you to the lease document. If you want to do a search on all property records, go to the main search page (http://a836-acris.nyc.gov/Scripts/DocSearch.dll/BBL) and enter in Borough (Manhattan), block (1280) and lot (0001).
Jim
Even then, if APU doesn't want to sell when MTA exercises the purchase option, they can extend the lease once for up to 15 years, after which they have to sell to MTA if MTA still wants to buy.
So APU still technically owns GCT and the Hudson & Harlem Lines, leasing it to MTA until 2274 or whenever MTA exercises the purchase option.
For those who are interested, the link is: http://a836-acris.nyc.gov/Scripts/DocSe ... 0004818959
That brings you to the lease document. If you want to do a search on all property records, go to the main search page (http://a836-acris.nyc.gov/Scripts/DocSearch.dll/BBL) and enter in Borough (Manhattan), block (1280) and lot (0001).
Jim