[NYguy]

https://www.mta.info/press-release/m...-central-train

MTA Announces Major Public-Private Partnerships to Rebuild Vital Grand Central Train Shed

-JPMorganChase to Lead Reconstruction Between 46th & 50th Streets

-Vornado Realty Trust, Ken Griffin and Rudin to Lead Reconstruction Between 50th and 53rd Streets


Dec 16, 2025

The Metropolitan Transportation Authority (MTA) along with JPMorganChase and Vornado today announced that they are advancing two major public-private partnerships to rebuild the Grand Central Train Shed, kickstarting a vital part of the 2025-2029 MTA Capital Plan.

The Grand Central Train Shed is the structure below Park Ave from 42 St to 57 St where trains entering the Terminal are sorted to passenger platforms. 98% of Metro-North trains transit the Train Shed on a daily basis. Decades of water, chemical and salt infiltration from streets above have significantly deteriorated the concrete and steel beams that hold up Park Avenue and some of the most valuable real estate in the world above MTA’s infrastructure.

“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,” said MTA Chair and CEO Janno Lieber. “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.”

“Through innovative public-private partnerships, we’re rebuilding the essential Grand Central Train Shed better, faster, and cheaper,” said MTA Construction & Development President Jamie Torres-Springer. “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.”

“New York City has been our home for more than 225 years, and JPMorganChase is proud to help strengthen the infrastructure that supports the Midtown community and to improve the public realm,” said David Beck, Chief Administrative Officer at JPMorganChase. “Public-private partnerships like this are essential to ensuring the city’s continued growth and resilience. Together with our partners, we are building a stronger foundation for future generations of New Yorkers.”

“With 350 Park Avenue anchored by Citadel and Citadel Securities, along with our neighbor 270 Park, Park Avenue in Midtown East continues to emerge as one of the world's leading business corridors," said Barry Langer, Executive Vice President of Vornado Realty Trust. "Our partnership with the MTA on this essential rebuilding of the Grand Central Train Shed underscores the impact of innovative public-private partnerships and will benefit the entire regional economy. We're grateful to the MTA for our partnership and look forward to continuing our work with them as construction of 350 Park gets underway next year."

This announcement builds on the successful public-private partnership undertaken by MTA and JPMorganChase that saw Sector 1 of the Trainshed reconstructed in conjunction with JPMC’s reconstructed headquarters at 270 Park. Sector 1 included the area immediately adjacent to 270 Park, including the west side of Park Avenue between East 47 and East 48 Streets and the side streets themselves. Thanks to seamless integration between the building construction and the Train Shed work and efficient partnership in management, the project came in $20 million under budget and is on track for substantial completion by the end of 2026.

Continuing the partnership, JPMorganChase will now manage reconstruction of Sector 2 of the Train Shed work, running from East 46 St to East 50 St. In addition to managing the day-to-day construction, JPMC will contribute $50 million to support the work, a recognition of the immense value that Metro-North service below and a vibrant public realm at street level create for Midtown East.

In a new public-private partnership, Vornado will play a similar role for Sector 3 of the Train Shed work, running from East 50 St to East 53 St. This work 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. For its part, the 350 Park project will be contributing $25 million in addition to Vornado managing day-to-day construction activities as JPMC has.

In addition to the vital state of good repair work for the Train Shed, this project will also revitalize the public realm through the reconstruction of the Park Avenue Malls that run in the center of the avenue. The New York City Department of Transportation is leading the design effort for the new malls, which will be constructed as part of these projects.

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