Midtown's tallest office building, One Vanderbilt, topped out this past summer - one of the first projects to result from the Mayor's East Midtown rezoning that gave developers the option to built taller buildings in exchange for public improvements. The skyscraper's developer, SL Green, was permitted to increase the tower from 1.2 to 1.7 million-square-feet in exchange for the transit and pedestrian streetscape upgrades.
As a result, One Vanderbilt is contributing $220 million to transit and pedestrian upgrades, including a new concourse, entrances, and exits for the 42nd Street – Grand Central 4,5,6 subway that will accommodate 4,000 to 6,000 more passengers per hour. Additionally, Vanderbilt Ave between 42nd and 43rd will be pedestrian-only with new streetscape improvements. The tower will also feature two public below-grade transit halls linking Grand Central Terminal to the Long Island Railroad stations as part of the East Side Access project and Metro-North Railroad.
One Vanderbilt and Vanderbilt Plaza will open late this summer.
We're excited to see the decongestion of the area once the public real improvements take shape. An iconic landmark like Grand Central deserves a surrounding pedestrian experience that complements the majestic terminal.