The two firms will work to create and execute a program to maximize the properties' revenue potential. The initiative is part of the MTA's efforts to generate additional revenue for essential capital improvements and operational needs.

The first phase will include a systematic assessment of the revenue potential of the properties. Specific recommendations regarding the most economically advantageous actions for the sites, including sale or lease, will be developed. Operational and community impact issues will also be reviewed. Following approval by the MTA, the team will then market the properties for sale or lease.

The CBRE/Massey Knakal team consists of Paul Massey and Robert Knakal, founding partners of Massey Knakal; Thomas Gammino, Massey Knakal broker; Mary Ann Tighe, chief executive officer of CBRE's New York tri-state region; and Tim Sheehan, senior vice president of CBRE's New York brokerage group. CBRE's Martin Lomazow on Long Island and Al Guitierrez in Westchester are also team members. "By maximizing the value of the MTA's real estate portfolio, we are helping to generate essential funds to ensure the continued health of the region's transportation backbone," explains Tighe.