The New York Metropolitan Transportation Authority (MTA) announced it would be advancing two major public-private partnerships with JPMorganChase and Vornado to rebuild the Grand Central Train Shed.
The announcement marks the beginning of the 2025-2029 MTA Capital Plan, the agency said. The Grand Central Train Shed is a structure below Park Avenue in New York City where trains entering the Terminal are sorted to passenger platforms. Nealy all of the Metro North trains (98 percent) flow through the Train Shed on a daily basis, the agency said. Years of wear and tear from water, chemicals and salt from the streets above have damaged the concrete and steel beams that hold up the land above MTA’s infrastructure, some of the most valuable real estate in the world.
“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,” MTA Chair and CEO Janno Lieber said. “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 the previous public-private partnership between MTA and JPMorganChase that reconstructed Sector 1 of the Train Shed in conjunction with JPMC’s headquarters reconstruction at 270 Park Avenue. That project came in $20 million under budget and is on track to be completed by the end of 2026.
JPMC will manage the reconstruction of Sector 2 of the Train Shed work running from East 46 St to East 50 St and will contribute $50 million to support the work. In a new public-private partnership, Vornado will take on similar responsibilities for Sector 3 of the Train Shed work from East 50 St to East 53 St in coordination with Vornado Realy Trust, Ken Griffin and Rudin’s reconstruction of 350 Park Avenue. 350 Park will contribute $25 million, and Vornado will manage the day-to-day construction activities.
“Through innovative public-private partnerships, we’re rebuilding the essential Grand Central Train Shed better, faster, and cheaper,” MTA Construction & Development President Jamie Torres-Springer said. “In partnership with JPMorganChase and Vornado, we are maximizing the reach of every dollar invested while minimizing the impact to our riders and the public in Midtown East.”
In addition to the repair work for the Train Shed, the projects will also revitalize the Park Avenue Malls that run in the center of the avenue. The New York City Department of Transportation will lead the design effort for the malls, which will be constructed as part of the projects.