New York state public transport agency Metropolitan Transportation Authority (MTA) is set to acquire certain rail assets, including Grand Central Terminal, for $35m.

The acquisition has been approved by MTA Board’s Finance Committee and now requires full board approval, which is expected later this week.

In addition to Grand Central Terminal, MTA will acquire the Metro-North Railroad’s Harlem and Hudson Line from Midtown Trackage Ventures.

The acquisition of the Grand Central Terminal will provide greater control for MTA Long Island Rail Road to build the East Side Access terminal, which is being built underneath Grand Central.

“With the interest rate environment and the $500,000 discount offered by the seller, it’s cheaper to buy it now than to pay rent for all that time.”

Ownership transfer of the Harlem and Hudson Line is expected to provide commuters with the benefits of various improvements made through transit-oriented development projects and other partnerships.

The ownership of the Hudson Line will expand MTA’s scope by 2.2miles north of the Poughkeepsie Station, while the section of Harlem Line to be acquired extends close to the Dover Plains.

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MTA chief development officer Janno Lieber said: “We had to exercise the option to purchase or remain a tenant for another 270 plus years. With the interest rate environment and the $500,000 discount offered by the seller, it’s cheaper to buy it now than to pay rent for all that time.

“Equally important, this transaction secures for the MTA control over development rights along the Harlem Line and Hudson Line, which will allow us to help local jurisdictions implement high-quality Transit Oriented Development for generations to come.”

The Harlem Line and Hudson Line were built by the New York Central Railroad in the 19th century. It also built the Grand Central Terminal, which was opened for public use in 1913.