JP Morgan To Fund Improvements At Grand Central

MIDTOWN MANHATTAN, NY — Finance giant JP Morgan has agreed to fund repairs and improvements at Grand Central Terminal as part of the massive redevelopment of its Midtown headquarters on Park Avenue, city officials announced.

The exact amount of JP Morgan's investment in repairs is not yet determined, because it will depend on how contruction work on the new 270 Park Avenue affects the MTA's ability to conduct work at the Midtown transit hub, transit officials said. In addition to funding repairs for Grand Central's Metro-North train shed, JP Morgan agreed to build a new East 48th Street entrance and compensate the MTA if work on 270 Park Avenue disrupt's the transit agency's own work at the station, MTA officials said during a Monday meeting.

Local City Councilman Keith Powers said in a statement that he negotiated with JP Morgan for a year to secure the investment.

"For the past year, I have been in discussion with JPMorgan as they have worked on plans at 270 Park Avenue. During this process, I have asked them to consider transit upgrades and other public benefits as a commitment to East Midtown Rezoning," Powers said in a statement.

"This announcement further illustrates JPMorgan’s investment in Midtown in the spirit of the East Midtown Rezoning. I look forward to reviewing the project in full detail as it comes to the City Council," the councilman added.

JP Morgan Chase announced its plans to build a new 2.5 million-square-foot headquarters in February 2018, and construction work is expected to begin in 2019. The new tower could rise more than 1,500 feet, which would make it taller than the Empire State Building.

The work is expected to take five years and will generate 8,000 construction-related jobs, officials said. JP Morgan employees who work at 270 Park Avenue, located between East 47th and 48th streets, will be moved to a nearby office during the construction.

The City Council rezoned the East Midtown office district in 2017 to allow commercial developers the ability to upgrade the area's aging office building stock. In exchange for greater density, developers are required to develop investments to public space and infrastructure. JP Morgan's 270 Park Ave. redevelopment will be one of the largest new projects allowed by the rezoning.