New York Construction Report staff writer
The Metropolitan Transportation Authority, together with JPMorganChase and Vornado Realty Trust, said it is advancing two major public-private partnerships to rebuild the Grand Central Train Shed, a critical piece of rail infrastructure beneath Park Avenue in Midtown Manhattan.
The announcement marks an early step in the MTA’s 2025–2029 capital plan and targets long-deferred repairs to the structure that carries nearly all Metro-North Railroad trains entering Grand Central Terminal. The train shed runs below Park Avenue from 42nd to 57th streets and supports roadways, utilities and office towers above it.
MTA officials said decades of water, chemical and salt infiltration have significantly weakened the concrete and steel beams that support Park Avenue, raising concerns about long-term reliability if repairs are not completed.
Under the agreements, JPMorganChase and Vornado will help manage construction and contribute funding in exchange for coordinating train shed reconstruction with major private development projects along Park Avenue.
JPMorganChase, which partnered previously with the MTA during construction of its headquarters at 270 Park Ave., will manage reconstruction of Sector 2 of the train shed, stretching from East 46th to East 50th streets.
The bank will also contribute $50 million toward the work. A related project, Sector 1, was completed alongside the 270 Park redevelopment and came in about $20 million under budget, with substantial completion expected by the end of 2026, the MTA said.
Vornado will take on a similar role for Sector 3, covering East 50th to East 53rd streets, in coordination with the planned redevelopment of 350 Park Ave. That project, involving Vornado, Citadel and Citadel Securities, is expected to begin construction in 2026. The 350 Park project will contribute $25 million toward the train shed work, in addition to Vornado managing day-to-day construction.
MTA officials said the partnerships will allow the work to proceed more quickly and at a lower cost to the public, while minimizing disruptions to Metro-North service, which will continue operating during construction.
In addition to structural repairs, the projects include reconstruction of the Park Avenue Malls, the landscaped medians running along the center of the avenue. The New York City Department of Transportation is leading the design of the new public spaces, which will be built alongside the train shed work.
Construction timelines for the individual sectors were not fully detailed, but the MTA said the work is essential to maintaining safe and reliable commuter rail service into Manhattan and protecting the infrastructure that supports one of the city’s most valuable commercial corridors.
