NEW YORK — The Metropolitan Transportation Authority, financial company JPMorgan Chase, and real estate investment firm Vornado have announced public-private partnerships to rebuild the train shed at Grand Central Terminal, which is deteriorating from decades of water, chemical, and salt damage.
That deterioration has damaged the concrete and steel beams that hold up Park Avenue and real estate along the avenue between 42nd and 57th streets — some of the most valuable property in the world, the MTA notes.
“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 CEO Janno Lieber said in a press release. “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.”
MTA officials said at a press conference that the project will cost about $1 billion in total, amNY.com reports. In an article earlier this year, the news site Gothamist reported that MTA engineers have estimated 95% of the support beams, which date to the early 1900s, are in “poor or marginal condition.”
The MTA and JPMorgan Chase previously combined to rebuild Sector 1 of the train shed, below the company’s headquarters at 270 Park Avenue between East 47th and 48th streets. That project, which the MTA says is $20 million under budget, is on track for substantial completion in 2026. The new agreement will see JPMorgan Chase oversee Sector 2 of the project, between 46th and 50th streets, as well as contributing $50 million toward the cost of the project. Vornado, meanwhile, will play a similar role in the rebuilding of Sector 3, between 50th and 53rd streets, contributing $25 million in connection with the Vornado Realty Trust project to rebuild the development at 350 Park Avenue.
“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,” said Jamie Torres-Springer, president of MTA Construction & Development.
The train shed is where trains entering the terminal from the Park Avenue Viaduct are sorted to their destination at one of Grand Central’s platforms; 98% of Metro-North Railroad trains pass through the train shed on a daily basis. The work will include rebuilding the supports and waterproofing the roof of the trainshed.
“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 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.”
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.” Noted 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.”
— To report news or errors, contact trainsnewswire@firecrown.com.
Better late than never!