The Real Deal New York

How Metro North parent locked up the land under Grand Central

Metropolitan Transportation Authority swooped in after Penn Central railroad went bust

April 16, 2014 04:30PM
By Adam Pincus

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Grand Central Terminal

Grand Central Terminal

From the April issue: The Metropolitan Transportation Authority signed a 280-year lease for the land under Grand Central Terminal, as well as for miles of suburban and rural rail lines, 20 years ago this month.

The MTA, which operates New York’s regional commuter trains, along with the city’s subways, buses and certain bridges and tunnels, inked the deal with American Premier Underwriters, an insurance company formed from the non-rail assets of the railroad Penn Central, which filed for bankruptcy in 1970. [more]