The Metropolitan Transportation Authority (MTA), JPMorganChase, and Vornado recently announced the advancement of two major public-private partnerships to rebuild the Grand Central Train Shed, kicking off a portion of the 2025-2029 MTA Capital Plan.

The Grand Central Train Shed is the structure below Park Ave from 42nd Street to 57th Street, where trains entering the terminal are sorted to passenger platforms.

According to an agency release, 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 support Park Avenue and the real estate above the 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.”

Sector 2 Train Shed Rebuild Moves Forward

This announcement builds on the public-private partnership between MTA and JPMorganChase, which saw Sector 1 of the Trainshed reconstructed in conjunction with JPMC’s reconstructed headquarters at 270 Park Avenue.

“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 David Beck, chief administrative officer at JPMorganChase.

Continuing the partnership, JPMorganChase will now manage the reconstruction of Sector 2 (East 46th Street to East 50th Street) of the Train Shed and contribute $50 million to support the work.

Vornado Joins MTA to Lead Sector 3 Train Shed Upgrades

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 Avenue project will be contributing $25 million in addition to Vornado managing day-to-day construction activities similar to JPMorganChase.

"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,” said Barry Langer, executive vice president of Vornado Realty Trust. “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."