Event Featured The Future of Grand Central District
Grand Central Partnership and Milstein Properties hosted “Grand Central Re-Imagined,” at 22 Vanderbilt, featuring a presentation by keynote speaker Janno Lieber, CEO of the Metropolitan Transit Authority as well as a special panel that included moderator: Paris Smith, Head of Brand for Milstein Properties, and panelists including Paul Amrich, Vice Chairman at CBRE, Fred Cerullo, Grand Central Partnership and Graceanne Jordan, Founder of Company You Keep Hospitality.
Janno Lieber, Chair and CEO of the Metropolitan Transit Authority gave a keynote presentation and shared that, “East Midtown may be the most dynamic highest value-add business district in the world, with 200,000 employees working in a 70-square-block area that’s home to 73 million square feet of commercial, residential and retail building space.” In addition, 16 Fortune 500 companies have their HQs here.
The opening of Grand Central Madison brings the LIRR, MNR and the subway under the same roof for the first time – ever. And together with the completion of the Third Track project, the MTA has been able to increase LIRR service by 40 percent, including almost 300 trains daily into Grand Central. Lieber noted, “It’s a major shot in the arm for the effort to get people back offices, theater shopping and all that New York has to offer, not to mention a major boost for social and economic equity. All branches of our transit system – subway, bus, MNR and LIRR – now serve Grand Central, and we are leveraging private investment to improve the transit system further.”
This panel focused on big picture themes including the importance of partnerships with stakeholders, how amenities for business tenants and visitors are truly making a difference, how community initiatives are helping and people are beginning to feel more safe, how the return to office is helping the local business community and even a backup plan for if MTA does now receive the funding they require for success and what that looks like for employees and ticket pricing.
According to Fred Cerullo of Grand Central Partnership, “The overall trend of seeing residents and visitors in the Grand Central District is positive. Pedestrian activity has increased by 70 percent compared to 2021 and weekend activity is now higher than pre-pandemic data. This is only the beginning of a burgeoning neighborhood and business community.”
Paul Amrich, Vice Chairman of CBRE added, “As a real estate broker for over 28 years, I know that the city and its neighborhoods always bounce back after a traumatic experience and we are watching that happen here in Grand Central/ East Midtown. The return to office momentum is also helping this area from a business perspective. People are not working the way they once did. They want freedom to move around the building and its surroundings to grab food and beverages and the amenities that buildings like 22 Vanderbilt provide are becoming a standard.”
Graceanne Jordan, Founder of Company You Keep Hospitality, added, “Vanderbilt 22 features every amenity that you would look for when signing a lease for your business. The pandemic showed us that location is more important than ever. Now that people are choosing to leave home and return to the office, they are away until the day concludes. They want a nice commute and the right amenities.”
In October, Milstein Properties announced the historic renaming of 335 Madison Avenue to 22 Vanderbilt. This repositioning rebranded the building as a multi-dimensional property of Class A office space, luxury retail space, and elevated hospitality services. With 1.1 million SF, the property offers sprawling spaces and designer interiors including a welcoming lobby and atrium, as well as a spacious outdoor rooftop terrace with stunning views of Midtown Manhattan. This innovative and modern Class A property in proximity to Grand Central has been repositioned as a nod to the strength of the Grand Central office district and the emergence of Vanderbilt as a premier business corridor.
Grand Central Terminal, known as one of the most famous corridors of New York City transportation, will continue to see a resurgence of activity as more employees return to the office and an uptick in desirable hospitality offerings and community spaces as discussed today.
About Milstein Properties
Milstein Properties is a four-generation brokerage firm that has developed or acquired more than 50,000 apartments, 20 million square feet of office space, and 10,000 hotel rooms. Their standard has always been excellence, and their goal is not simply to develop buildings, but to build neighborhoods. They are proud to provide New Yorkers with the ultimate luxury and to bring civic and philanthropic leadership to the communities that they have helped to create.
