The Metropolitan Transportation Authority (MTA) has, alongside JPMorganChase and Vornado, announced the advancement of two major public-private partnerships to rebuild New York’s Grand Central Train Shed.
The announcement kickstarts a portion of the MTA’s 2025-2029 Capital Plan.
Situated below Park Ave from 42 St to 57; the Grand Central Train Shed acts as a building where trains entering the Terminal are sorted to their respective passenger platforms.
Currently, 98% of Metro-North trains are processed through the Train Shed on a daily basis, and the site’s concrete and steel beams have gradually deteriorated due to several decades of water, chemical and salt infiltration from the streets above, as have structures holding up Park Avenue itself.
MTA Chair and CEO Janno Lieber, said:The Grand Central Train Shed might be the most important piece of MTA infrastructure you’ve never heard of, and it’s been slowly deteriorating for decades.
This partnership is rebuilding and restoring this essential infrastructure on a faster timeline and at a lower cost to the public – a win for all involved.
The announcement builds on a recent public-private partnership that saw the MTA and JPMorganChase reconstruct Sector 1 of the Trainshed in conjunction with JPMC’s reconstructed headquarters at 270 Park, which included the immediately adjacent area, such as the west side of Park Avenue between East 47 and East 48 Streets and the side streets themselves.
This time, JPMorganChase will oversee the reconstruction of Sector 2 of the Train Shed work, which runs from East 46 St to East 50 St, providing 50 million USD to support the overall work itelf.
Vornado is also set to play a similar role for Sector 3 of the Train Shed work, running from East 50 St to East 53 St, which will be undertaken in coordination with Vornado Realty Trust, Ken Griffin and Rudin’s reconstruction of 350 Park Avenue, which received rezoning approval earlier this year and is expected to enter construction starting in 2026.
The 350 Park project will continue 25 million USD in addition to Vornado managing day-to-day construction activities in the same manner as JPMC.
In addition to managing the day-to-day construction, both companies will making a significant investment to support the work.
