A Big Grand Opening

The long-awaited direct connection between Manhattan’s Grand Central Terminal and Long Island is opening before the end of 2022. But the end of the East Side Access project arrives amid a historic slump in commuting to the office — at least commuting five days a week. What will become of the big office projects either completed, underway or proposed in the area? Also, some big names in commercial real estate in South Florida lost big in yesterday’s voting.

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— Tom Acitelli, Co-Deputy Editor

Grand Central-Long Island Connection Opening Amid Slumping Commuter Numbers

One of the single, biggest infrastructure projects in the United States, East Side Access includes a 700,000-square-foot underground terminal dubbed Grand Central Madison by the Metropolitan Transportation Authority, with 17 high-rise escalators each 182 feet in length, eight new track beds, and two mezzanines sheathed in granite that sit 170 feet below the surface of Grand Central Terminal. The LIRR route will run seven miles from Queens’ Sunnyside Yards. Whether that many Long Island and Queens residents take that route as would have before the pandemic’s disruption remains to be seen. Commercial real estate owners and developers, including ones who have put shovels in the ground nearby in anticipation of Grand Central Madison, remain bullish whatever the statistics.

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Miami Beach Votes Down Big Real Estate Projects

Miami Beach residents nixed three major real estate projects proposed by industry heavyweights Stephen Ross, Barry Sternlicht, and Don Peebles. Ross’ loss seemed particularly stinging as the proposal was an apparent passion project of the Related Companies chairman (and Miami Dolphins owner). Across the bay in Miami, developers had better luck Tuesday. Sixty-four percent of voters approved a 99-year lease extension for a waterfront site in Downtown Miami, paving the way for a $1.5 billion development.

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