MTA and BXP Break Ground on Long Island Rail Road’s Grand Central Madison 45th Street Entrance

MTA

NEW YORK --The Metropolitan Transportation Authority (MTA) this week joined with BXP, an office developer, owner, and manager, to break ground on a new accessible street entrance to the Long Island Rail Road (LIRR) Grand Central Madison Concourse at 45th Street and Madison Avenue.

The entrance is part of a public-private partnership in which BXP is redeveloping the site, which housed the MTA’s headquarters building from 1979 to 2014. The MTA retains underlying ownership of the land and BXP has agreed to build the entrance in advance of its anticipated office building in order to prioritize public access and benefit. The redevelopment plan, made possible through the Midtown East Rezoning which was designed to yield transit improvements, is expected to generate more than $1 billion in ground rent revenues, along with real estate taxes, to be dedicated to the MTA capital program.

The new entrance, expected to be completed in 18 months, will provide the approximate 72,000 daily riders that use Grand Central Madison another entry point to the LIRR’s 700,000 square foot terminal. Metro-North riders will also be able to access Grand Central Terminal via this street entrance through the concourse of Grand Central Madison. While construction is underway, BXP is marketing the proposed approximately 950,000 square foot premier Class A office building to rise above the entrance.

Rendering of 45th Street Entrance/MTA

“Before beginning construction of a massive new office tower, BXP is getting started on a new accessible entrance,” said MTA Chair and CEO Janno Lieber. “When the MTA moved downtown, we opened up a site for private sector development in what is the largest and densest concentration of high value-added jobs in the United States, and now we have the ultimate in transit access, because we have all of the MTA facilities coming right to Grand Central. This redevelopment would not have been possible without the East Midtown Rezoning. Over time, the revenue will support the MTA capital program and some of it will go to the City of New York – that’s the sharing of transit-oriented development and we are hoping this becomes more of the norm.”

“Midtown is all about great transit access,” said MTA Construction & Development President Jamie Torres-Springer. “Our private partners recognize that and are working with us to make the new Grand Central Madison more accessible through partnerships that keep public costs to a minimum. This is a great example of using City zoning tools and MTA investments in mass transit to unlock transit-oriented development.”

“With more and more people using Grand Central Madison, this street entrance will be a welcomed addition to the terminal’s footprint in Midtown Manhattan,” said MTA Long Island Rail Road President Rob Free. “It will increase accessibility to the terminal and complement the numerous benefits Grand Central Madison has introduced since it opened – shorter commute times, new travel options, more frequent service – all contributing to a better customer experience.”

“The new terminal access will create a more seamless experience for thousands of commuters and residents every single day, underscoring our commitment to enhance the quality of life in Midtown Manhattan,” said Hilary Spann, Executive Vice President, New York Region, BXP. “Our vision to revitalize the district is in motion and we’re in constant talks with the City and MTA about future development plans for the site.”