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12/17/2025
The Metropolitan Transportation Authority (MTA) is using public-private partnerships (P3s) with JPMorganChase & Co. (JPMC) and Vornado Realty Trust to advance the rebuild of the Grand Central train shed in New York City.
The project is part of the MTA's 2025-2029 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. Most MTA Metro-North Railroad trains traverse the shed on a daily basis, MTA officials said yesterday in a press release.
Decades of salt, water and chemicals from the streets above have deteriorated the structure's concrete and steel beams.
The partnerships announced yesterday build on an existing relationship between MTA and JPMC. Work on a segment of the train shed was integrated into reconstruction of the JPMC headquarters at 270 Park Ave., allowing the shed project's cost to come in under the MTA's original budget. The segment's reconstruction is on track for substantial completion by 2026's end, MTA officials said.
JPMC now will manage the reconstruction of another segment of the train shed, from East 46th Street to East 50th Street. The company also will contribute $50 million to the project.
MTA's partnership with Vornado Realty Trust entails work on a third sector of the train shed, which will be completed in coordination with Vordado, Citadel and Rudin Management's reconstruction of an office building at 350 Park Ave. Vornado will manage day-to-day construction activities and contribute $25 million to the train shed project, said MTA officials.