The project is a joint-venture between Skanska and Traylor Bros, with a 70% share awarded to Skanska. The contract value for Skanska is US$210m (£133m).
Skanska has also just won a US$386m contract for an extension to the Number 7 Line for the same client, the Metropolitan Transportation Authority of the State of New York.
The 86th Street Station project includes drill and blast rock cavern excavation for the future station as well as installing the concrete structural lining. The job also involves extensive demolition work, support of excavation, utility work and the underpinning of existing buildings that are adjacent to the work site.
Construction will begin this month, and the work is scheduled to be completed in autumn 2014.