Published On: Wed, Sep 10th, 2014

SL Green Facelifting Grand Central Station for $210 Million

Grand Central Station

SL Green Realty is planning a $210 million facelift for New York’s Grand Central Station, The Real Deal reported.

The upgrades to one of the world’s most iconic transportation terminals comes as part of the firm’s proposed development of a new 65 story tower to be located next door at 1 Vanderbilt.

The company is still awaiting approval from New York City for its 1.6 million square foot office building on the block bounded by Vanderbilt and Madison avenues and by East 42nd and East 43rd streets.

The renovations to Grand Central will include four new staircases to the subway platforms, a refurbished and enlarged mezzanine near the Lexington Avenue lines and two new entrances, including one on 42nd Street for the Times Square Shuttle platform. There will also be thinner columns that will allow easier passage through the corridors.

One Vanderbilt will also have a new a new 4, 000 square foot waiting area, which will feature a “living wall” covered by hanging plants and a large display board with arrival and departure information.

The City hopes that the improvements will allow for more trains to run on its very busy Lexington Ave line at rush hour.

SL Green will need to complete the work at Grand Central Station before it will be able to allow tenants to take up spaces at the new office building.

Deputy Mayor Alicia Glen described the administration’s position on the plans in a statement saying, “We believe smart planning isn’t just about buildings, but about the infrastructure investments and services we need to support growth, ” she said. “Our vision for east midtown puts transit first, and the changes coming to the Vanderbilt corridor exemplify that approach. Before the first office worker walks through the doors of this new building, we will have in place improvements to subway platforms, concourses and entrances that will increase capacity at Grand Central and make life easier for thousands of commuters. This is the kind of smart growth we intend to pursue across the city.”

SL Green hopes to receive final approval by April and to complete the entire project by 2021.

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