MTA advances two major public-private partnerships to rebuild Grand Central Train Shed

The Metropolitan Transportation Authority (MTA) is partnering with JPMorganChase and Vornado to advance 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 Avenue from 42nd Street to 57th Street where trains entering the terminal are sorted to passenger platforms. According to the MTA, 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  its real estate  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.” 

MTA says the project builds on the successful public-private partnership undertaken by the authority and JPMorganChase (JPMC) that saw Sector 1 of the train shed 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 47th and East 48th Streets and the side streets themselves. 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 46th Street to East 50th Street. In addition to managing the day-to-day construction, JPMC will contribute $50 million to support the work. 

“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 JPMorganChase Chief Administrative Officer David Beck. “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.” 

In a new public-private partnership, Vornado will play a similar role for Sector 3 of the train shed work, running from East 50th Street to East 53rd Street. 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.  

“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 Vornado Realty Trust Executive Vice President Barry Langer. "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." 

In addition to managing the day-to-day construction, both companies are making a significant investment to support the work, recognizing the value that Metro North service below and a vibrant public real at street level create for 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.”