New York’s transit agency has squandered opportunities to make millions of dollars in real estate and advertising and may be spending millions unnecessarily.
New York State Comptroller Thomas DiNapoli said the Metropolitan Transportation Authority has left several retail spaces empty for years without trying to rent them in a report released Thursday. He said the agency also let about 1,000 of its tenants fall behind on their rent without being penalized.
advertisement
DiNapoli said the agency pays to maintain vacant office space while spending $25 million annually to lease spaces from others. He also said the MTA is not selling advertising space above its properties.
MTA spokesman Aaron Donovan said the agency is trying to better utilize its space and increase advertising revenue.
Copyright 2010 The Associated Press.
