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4/3/2024
The Metropolitan Transportation Authority (MTA) has issued a request for proposals seeking a developer for retail and dining options at Grand Central Madison (GCM) in New York City.
With 32 retail units available across 25,000 square feet of space, the master tenant would curate and manage a diverse collection of retailers.
The number of MTA Long Island Rail Road (LIRR) riders traveling through GCM has continued to grow since its 2023 opening, currently running as high as 66,000 on the busiest weekdays, MTA officials said in a press release.
The announcement was made as a panel of experts discussed the current retail market and highlighted the history between retail and the transit environment, and its impact on the economy. Last month, Tracks Raw Bar & Grill became the first restaurant to sign a lease to operate in GCM and is expected to open later this year.
A survey conducted by the MTA last summer revealed a majority of commuters are traveling five times a week, 71% of users who previously traveled through Penn Station frequented its retail and almost half of commuters responded they would consider skipping a train for retail.