ASTM North America was awarded the DBFM to improve the accessibility of 13 New York City subway stations. The project reached Financial Close in May 2023, kicking off it’s 3.5-year construction term, which will be followed by an operating period of 25 years. The project consists of the installation of 20 new elevators, the replacement of 14 elevators and improving the flow of travel within the New York City subway network. In particular, there is a focus on improving access for people with disabilities, which fits within the context of the Americans with Disabilities Act (ADA) seeking to protect people with disabilities from discrimination in their public life. The £350m project was awarded “Best P3 Transit Project 2023” and is funded by a mix of equity and taxable municipal bonds. Gridlines was pleased to support ASTM by providing a comfort review of the model at bid stage, followed by a formal model audit for financial close.
Financial modelling
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