MTA Announces Public-Private Partnerships for Grand Central Train Shed Rebuild
Written by Jennifer McLawhorn, Managing Editor
MTA Chair and CEO Janno Lieber and MTA Construction & Development President Jamie Torres-Springer announce partnerships with JPMorganChase and Vornado to make necessary repairs to the Grand Central Terminal train shed that runs beneath Park Avenue on Tuesday, Dec 16, 2025.
Marc A. Hermann / MTA
NEW YORK CITY - The Metropolitan Transportation Authority (MTA) announced it is advancing two major public-private partnerships with JPMorganChase and Vornado to rebuild the Grand Central Train Shed.
This endeavor is part of the 2025-2029 MTA Capital Plan. The structure is located under Park Avenue from 42 St to 57 St, and 98% of Metro-North trains transit it daily. Over time, the MTA says the elements have deteriorated the steel beams and concrete.
This comes after a previous public-private partnership of MTA and JPMorganChase when Sector 1 of the Trainshed was reconstructed along with JPMorganChase’s headquarters located at 270 Park.
The partnership allowed for “seamless integration” of the work on the building and on the Train Shed, with the project coming in $20 million under budget. It is currently on schedule to finish by the end of next year.
“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.”
Grand Central Train Shed
Now, the public-private partnership with JPMorganChase will see construction of Sector 2 of the Train Shed work. This work will take place from East 46 St to East 50 St. According to the release from the MTA, JPMorganChase will contribute $50 million to the project. Additionally, Vornado will act similarly for Sector 3 of the Train Shed work that will take place from East 50 St to East 53 St. In conjunction with Vornado Realty Trust, Ken Griffin and Rudin’s reconstruction will begin in 2026. Earlier this year, the project received rezoning approval. The 350 Park project will contribute $25 million in addition to Vornado, which will reportedly manage day-to-day construction activities.
MTA: Ongoing Repairs to Grand Central Train Shed
“Through innovative public-private partnerships, we’re rebuilding the essential Grand Central Train Shed better, faster, and cheaper,” said MTA Construction & Development President Jamie Torres-Springer. “In partnership with JPMorganChase and Vornado, we are maximizing the reach of every dollar invested while minimizing the impact to our riders and the public in Midtown East.”
“While our customers may not see the Train Shed, it is essential to Metro-North’s ability to provide safe and reliable service,” said Metro-North Railroad President Justin Vonashek. “What is even more impressive is that these critical projects are being completed while service continues as normal—a big win for our customers.”
