MTA to buy Grand Central Terminal from private company for $35 million
The historic landmark and transit hub, as well as Metro-North's Harlem and Hudson Line, to be purchased by MTA.
The New York MTA is in the midst of brokering a deal to buy Grand Central Terminal as well as the Metro-North Harlem and Hudson Line for $35 million. Both are owned by private companies.
“This was a no-brainer, from a financial standpoint,” said MTA Chief Development Officer Janno Lieber.
“This transaction secures for the MTA control over development rights along the Harlem Line and Hudson Line, which will allow us to help local jurisdictions implement high quality Transit Oriented Development for generations to come.”
Purchasing the building will allow the MTA to have complete control over the property as well as the East Side Access terminal being built beneath Grand Central Terminal.
“This marks a new chapter in the railroad’s history and eliminates a quirk that had lingered quietly in the background as Metro-North has established itself,” said Catherine Rinaldi, President of Metro-North Railroad.
“By becoming the true owners of the infrastructure that we have long maintained on behalf of the people of New York, we are asserting Metro-North’s permanence as an institution dedicated to public service.”
The New York MTA’s decision to purchase would end its 280-year lease of Grand Central Terminal that sees 750,000 visitors daily.