JPMorganChase to Lead Reconstruction Between 46th & 50th Streets
Vornado Realty Trust, Ken Griffin and Rudin to Lead Reconstruction Between 50th and 53rd Streets
View Video from Today’s News Conference
View Broll Video of the Ongoing Repairs to Grand Central Train Shed
View File Photos of Grand Central Train Shed Interior
View Photos from Today’s News Conference
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.”
“While our customers may not see the Train Shed, it is essential to Metro-North’s ability to provide safe and reliable service,” said Metro-North Railroad President Justin Vonashek. “What is even more impressive is that these critical projects are being completed while service continues as normal—a big win for our customers.”
“This is a great example of cross-agency partnership to take advantage of this critical infrastructure upgrade to deliver huge public space benefits for New Yorkers on Park Avenue,” said NYC DOT Commissioner Ydanis Rodriguez. “We look forward to working closely with the MTA and others as we work the ‘park’ back in Park Avenue with expanded pedestrian space and amenities down the center of this iconic avenue.”
“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 managing the day-to-day construction, both companies are making a significant investment to support the work, recognizing the immense value that Metro North service below and a vibrant public real at street level create for Midtown East.
“The structural elements of this 100-plus years old infrastructure, that is essentially a bridge for holding up cars, the road, and the skyscrapers of Midtown, is slowly deteriorating from age, water, and salt,” said NY Congressman Jerrold Nadler. “The Grand Central Train Shed ensures vital, frequent, and reliable Metro-North train service into Grand Central Terminal, and without it we could see total suspension of Metro-North service into Manhattan. These upgrades will provide safe and dependable transit for the thousands who rely on it every day. I welcome this great partnership and thank MTA, JPMorgan Chase, and Vornado for working together to keep New York City moving.”
“I am happy to hear that progress is being made on these efforts to provide much-needed repairs and improvements to the Grand Central Train Shed, which is an essential part of New York City's and New York State's transportation infrastructure,” said State Senator Liz Krueger. “I look forward to a continued safe, quick commute for the hundreds of thousands of New Yorkers who pass through Grand Central on a daily basis."
“Today’s announcement to rebuild the Grand Central Train Shed is a major boost to our transit infrastructure that will help keep New Yorkers moving for years to come,” said NYC Council Member Keith Powers. “This public-private partnership can serve as a model for how businesses and the MTA can partner to deliver transformational projects in our city. I look forward to seeing the many ways this project will strengthen our city.”
“By hosting some of the most prestigious landmark office towers that line Park Avenue above the surface while also serving as the roof of MTA Metro-North commuter rail platforms below for more than a century, the Grand Central Train Shed has played a major role in the development of Midtown East as the world’s central business district,” said Grand Central Partnership President and CEO Fred Cerullo. “Consequently, the phased replacement of this critical piece of infrastructure with the least disruption is vital to the sustained success of our community. We are so proud that a number of our forward-thinking Grand Central Partnership stakeholders continue to step forward to form public-private partnerships with the MTA and the city to advance and contribute to the replacement of the Train Shed below the surface and support improvements to the Park Avenue Malls above the surface.”
“Rebuilding the Grand Central Train Shed is a critical investment in the regional transit infrastructure millions of New Yorkers and commuters rely on every day,” said NYC Council Member-elect Virginia Maloney. “This is a great example of how the public and private sectors can work together to deliver complex infrastructure projects efficiently and responsibly. As I enter the City Council, I will work with the MTA, stakeholders, and residents to ensure this project reflects community needs and provides long-term value for New Yorkers.”
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.
About the Train Shed
The Grand Central Train Shed is the structure below Park Av 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.