NEW YORK — The Metropolitan Transportation Authority is seeking a developer to serve as master tenant to fill the 25,000 square feet of retail and dining space at Grand Central Madison, the Long Island Railroad Terminal in Manhattan that opened in 2023.
“This is an amazing opportunity for the right operator: 25,000 square feet of retail in a controlled environment in the very heart of the biggest business district in the country,” MTA CEO Janno Lieber said in a press release announcing the Request for Proposals for a developer. The announcement came as the MTA hosted panel discussion Tuesday at Grand Central Madison to discuss the current retail market and the relationship between retail and transit.
A total of 32 retail spaces are available on the station concourse — built in Grand Central Terminal’s former Madison yard, which gave the station its name. Later opening of the retail space was part of the original schedule when the station opened last year. The first restaurant to sign a lease to operate at the facility, Tracks Raw Bar & Grill, did so last month and is expected to open this year. The MTA says up to 66,000 people are now traveling through the station on Tuesdays, Wednesdays, and Thursdays, its busiest days.
More information on the RFP is available here.
It will be interesting to see how this plays out. The market for retail space has changed so much in result of the change in peoples buying patterns because of Amazon and other online retailers.