MTA Proposes New Percentage-Based Rent Agreement for Grand Central Restaurants

With subway and train ridership still seeing major declines from the same time last year, transportation hubs like Grand Central Terminal remain virtually empty, significantly impacting the businesses within them. More than six months into the pandemic, the Metropolitan Transportation Authority is now proposing a new rent agreement for its Grand Central tenants, in the hopes that businesses will be able to stay afloat.



a group of people standing in front of Grand Central Terminal: The MTA has proposed a new rent agreement for its tenants at Grand Central


© Shutterstock
The MTA has proposed a new rent agreement for its tenants at Grand Central

Under this new proposal, the agency will take a percentage of rent from the restaurants and other small businesses in GCT that will be based on gross revenue, according to Janno Lieber, the MTA’s chief development officer and the man overseeing the plan. Lieber declined to say what that percentage will be, but said the agency is in talks with the businesses to settle on a figure.

The new rent

Read More