The Metropolitan Transportation Authority has advanced two public-private partnerships to rebuild the Grand Central Train Shed, a critical rail structure beneath Park Avenue that supports Metro-North service into Grand Central Terminal.
The project will reconstruct deteriorated concrete and steel supports between East 46th Street and East 53rd Street. The train shed spans Park Avenue from 42nd Street to 57th Street and carries approximately 98% of Metro-North trains each day. Decades of water, chemical, and salt exposure have degraded the structure.
The reconstruction effort will cost approximately $1 billion and forms part of the MTA’s 2025–2029 Capital Plan. Work includes structural replacement and roof waterproofing while maintaining active rail operations.
This is a public-private partnership between the Metropolitan Transportation Authority and JPMorganChase for Sector 2, spanning East 46th Street to East 50th Street, with JPMorganChase overseeing construction management and contributing $50 million toward project costs.
A separate public-private partnership covers Sector 3 between East 50th Street and East 53rd Street, involving the Metropolitan Transportation Authority and Vornado Realty Trust, in coordination with Ken Griffin and Rudin. The private partners will manage construction and contribute $25 million, aligned with the redevelopment of 350 Park Avenue.
The work builds on the completed Sector 1 reconstruction near 270 Park Avenue, which is tracking $20 million under budget and is scheduled for substantial completion by the end of 2026. Construction on the remaining sectors is expected to begin in 2026 and proceed in phases.
Once complete, the rebuilt train shed will stabilize Park Avenue infrastructure and support continued commuter rail service for hundreds of thousands of daily riders.