{"id":1004103697,"date":"2014-09-12T13:18:52","date_gmt":"2014-09-12T21:18:52","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=291208"},"modified":"2021-05-14T19:17:32","modified_gmt":"2021-05-15T03:17:32","slug":"sl-green-unveils-210-million-renovation-plan-for-grand-central-station","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sl-green-unveils-210-million-renovation-plan-for-grand-central-station\/","title":{"rendered":"SL Green Unveils $210 Million Renovation Plan for Grand Central Station"},"content":{"rendered":"<p><em>By Veronica Grecu, Associate Editor<\/em><\/p>\n<p>The developer behind the giant office tower that will rise just west of the Grand Central subway station in Midtown Manhattan plans to invest around $210 million in extensive renovations and improvements at the iconic transportation terminal that\u2019s been around for more than 140 years.<\/p>\n<div id=\"attachment_291209\" class=\"wp-caption alignright\" style=\"width: 310px\">\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/Grand-Central-terminat-and-One-Vanderbilt-Midtown-Manhattan.png\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-291209\" title=\"Grand Central Terminal and One Vanderbilt - Midtown Manhattan\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/Grand-Central-terminat-and-One-Vanderbilt-Midtown-Manhattan.png\" alt=\"Grand Central Terminal and One Vanderbilt - Midtown Manhattan\" width=\"300\" height=\"213\"><\/a><\/p>\n<p class=\"wp-caption-text\">Grand Central Terminal and One Vanderbilt \u2013 Midtown Manhattan<\/p>\n<\/div>\n<p><a title=\"Crain\u021bs New York Business\" href=\"https:\/\/www.crainsnewyork.com\/article\/20140908\/BLOGS04\/140909874\" target=\"_blank\" rel=\"nofollow noopener\"><em>Crain\u2019s New York Business<\/em> <\/a>reports that, in order to build the 65-story One Vanderbilt tower just west of Grand Central Terminal, SL Green Realty reached a deal with the de Blasio administration and the Metropolitan Transportation Authority to redevelop the transit hub and the surrounding area in exchange for permission to build the 1.6 million-square-foot structure.<\/p>\n<p>The renovation project\u2014which must reach completion before tenants start moving into the office building\u2014was designed by Kohn Pedersen Fox Associates and includes three new staircases that will be added to the subway platforms, two new street-level entrances (including one on 42<sup>nd<\/sup> Street with access to the Times Square Shuttle platform), an upgraded mezzanine area under the Grand Hyatt Hotel, and a 4,000-square-foot waiting area for commuters who use the Long Island Rail Road (LIRR) or Metro-North.<\/p>\n<div id=\"attachment_291210\" class=\"wp-caption alignleft\" style=\"width: 222px\">\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/Grand-Central-Terminal-waiting-area.jpeg\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-291210\" title=\"Grand Central Terminal - waiting area\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/Grand-Central-Terminal-waiting-area.jpeg\" alt=\"Grand Central Terminal - waiting area\" width=\"212\" height=\"300\"><\/a><\/p>\n<p class=\"wp-caption-text\">Grand Central Terminal \u2013 waiting area<\/p>\n<\/div>\n<p>Additionally, the terminal will be extended to the west, making room for additional riders, in an effort to serve the station at peak hours\u2014according to <em>Crain\u2019s<\/em>. This is the second busiest station in the MTA system, with an average of nearly 155,000 riders per day. A pedestrian plaza will be created on a section of Vanderbilt Avenue that will be closed between 42<sup>nd<\/sup> Street and 43<sup>rd<\/sup> Street.<\/p>\n<p>According to <em>Crain\u2019s,<\/em> the new waiting area will be the centerpiece of the Grand Central renovation process. It will be built at the base of One Vanderbilt and will have a direct entrance into the subway station, which will be connected to the subway station via a below-grade concourse. The waiting area will feature a \u201cliving wall\u201d with green plants and a large board that will display LIRR and Metro-North timetable information.<\/p>\n<p>SL Green hopes to receive all approvals by the end of spring 2015 and start renovations at the terminal shortly after that, <a title=\"The Wall Street Journal\" href=\"https:\/\/online.wsj.com\/articles\/sl-green-realty-corp-details-transit-upgrades-to-grand-central-1410228726\" target=\"_blank\" rel=\"nofollow noopener\"><em>The Wall Street Journal<\/em> <\/a>reports. Both terminal improvements and construction at One Vanderbilt are expected to take at least five years to complete.<\/p>\n<p>&nbsp;<\/p>\n<p><a title=\"NYC Vacancy Rates Still Tight as High-Tech and Hospitality Companies Fuel Job Growth\" href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-nyc-vacancy-rates-still-tight-as-high-tech-and-hospitality-companies-fuel-job-growth\/1004101118.html\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Click here<\/strong><\/a> for more market data on <strong>New York City<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<p><em>Renderings by&nbsp;Kohn Pedersen Fox Associates<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The developer behind the giant office tower that will rise just west of the Grand Central subway station in Midtown Manhattan plans to invest around $210 million in extensive renovations and improvements at the iconic transportation terminal that&rsquo;s been around for more than 140 years.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004103697","post","type-post","status-publish","format-standard","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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