Greenberg Traurig Advises New York’s MTA in 1st Commercial Lease Deal at Grand Central Madison

NEW YORK - March 28, 2024 - Global law firm Greenberg Traurig, LLP represented New York's Metropolitan Transportation Authority (MTA) in a deal to bring Tracks Raw Bar & Grill to Grand Central Madison Terminal on Manhattan's East Side.

The popular railroad-themed eatery is the first commercial tenant to sign on at Grand Central Madison, the new, 700,000-sq.-ft Long Island Rail Road (LIRR) terminal that opened in early 2023.

The MTA's board of directors approved the 10-year lease agreement with Tracks March 27. The restaurant, which won the lease through a competitive bid, is scheduled to open in fall 2024 on the terminal's concourse level between 47th and 48th streets.

Greenberg Traurig assisted the MTA with putting the lease out for bid, as well as negotiating and drafting the lease documents. Under the terms of the deal, Tracks has agreed to spend about $1 million to build out its restaurant space, which will include a raw bar.

"Greenberg Traurig is proud to play an important role in the development of Grand Central Madison, including advising the MTA in its ongoing efforts to create a uniquely curated retail program for the terminal's 25,000 square feet of commercial space 15 stories below ground," New YorkReal Estate Shareholder Peter S. Borock said. "We look forward to continuing to work with the MTA to ensure the long-term success of Grand Central Madison and the Manhattan central business district more broadly."

In addition to Borock, the Greenberg Traurig team representing the MTA included New York Real Estate Shareholder Keith E. Reich, New York Government Law & Policy Shareholder Jonathan L. Bing, and New York Real Estate Associates Amy H. Pearl and Molly J. Drescher.

As legal advisor to the MTA in many of its major real estate matters, Greenberg Traurig also is assisting the organization in an ongoing search for a master tenant to lease all the commercial space within Grand Central Madison, including the location that Tracks will occupy.

The MTA's largest ever capital project, Grand Central Madison opened in early 2023, providing direct LIRR service to Manhattan's East Side. The $11+ billion project marked the first major railroad terminal to be built in the United States in 67 years, and the first expansion of the LIRR since Penn Station opened on Manhattan's West Side in 1910.

About Greenberg Traurig's Global Real Estate Practice: The Greenberg TraurigReal Estate Practice is a cornerstone of the firm and a recognized leader in the industry. The firm's real estate attorneys deliver diversified and comprehensive counsel for property acquisition and investment, development, management and leasing, financing, restructuring, and disposition of all asset classes of real estate. The team draws upon the knowledge and experience of more than 700 real estate lawyers from around the world, serving clients from key markets in the United States, Europe & the Middle East, Asia and Latin America. The group's clientele includes a broad range of property developers, lenders, investment managers, private equity funds, REITs, and private owners. The real estate practice advises clients on a variety of matters across a broad spectrum of commercial, recreational, and residential real estate, including structured equity and debt and hybrids.

About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI "Highly Recommended Law Firm" for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab and is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy as a member of the U.S. EPA's Green Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.