Planning for the fourth and final New York Central structure began in 1949.
New York heavily funded the station as being part of the Skyway construction.
The total cost was $7 million.
The station opened on August 2, 1952 as a secondary station to the Buffalo Central Terminal.
The station originally served 21 New York Central and Toronto, Hamilton and Buffalo Railway trains daily.
The double track station had two side platforms connected by an overhead walkway.

Soon after the station was built passenger rail service began a steep decline that would eventually lead to the end of private passenger rail service in the United States.
As part of the decline and problems within the railroad, in 1961, the New York Central Railroad ceased passenger operations to Niagara Falls, and the station building was closed, though some trains continued to stop at the platforms for a brief time.
During this time the overhead walkway that connected the station's two platforms was demolished.

On October 29, 1978, Amtrak routed the Niagara Rainbow through Niagara Falls, restoring service to downtown Buffalo and to the station.
One old platform was reused immediately; a temporary structure was used for Niagara Rainbow and Empire State Express passengers while the station building was renovated.
Exchange Street became one of the two main Buffalo train stations alongside the then-new Buffalo–Depew station when Buffalo Central Terminal closed in 1979.
The line was later reduced to single track in the 1980s and the second platform was abandoned.

By the 2000s, the Buffalo–Exchange Street station had gained a reputation for being long outdated and in a such a deteriorating condition that it got dubbed as one of the saddest Amtrak stations in America by CityLab in 2015.
In September 2016, the station building was temporarily closed due to a partial collapse during heavy rains, further highlighting the need for a new station.
The platforms remained open for passengers.
Demolition of the 1952 station began on August 22, 2019, to make way for the new station.
Planning for the fourth and final New York Central structure began in 1949. New York heavily funded the station as being part of the Skyway construction. The total cost was $7 million. The station opened on August 2, 1952 as a secondary station to the Buffalo Central Terminal. The station originally served 21 New York Central and Toronto, Hamilton and Buffalo Railway trains daily. The double track station had two side platforms connected by an overhead walkway.
Soon after the station was built passenger rail service began a steep decline that would eventually lead to the end of private passenger rail service in the United States. As part of the decline and problems within the railroad, in 1961, the New York Central Railroad ceased passenger operations to Niagara Falls, and the station building was closed, though some trains continued to stop at the platforms for a brief time. During this time the overhead walkway that connected the station's two platforms was demolished.
On October 29, 1978, Amtrak routed the Niagara Rainbow through Niagara Falls, restoring service to downtown Buffalo and to the station. One old platform was reused immediately; a temporary structure was used for Niagara Rainbow and Empire State Express passengers while the station building was renovated. Exchange Street became one of the two main Buffalo train stations alongside the then-new Buffalo–Depew station when Buffalo Central Terminal closed in 1979. The line was later reduced to single track in the 1980s and the second platform was abandoned.
By the 2000s, the Buffalo–Exchange Street station had gained a reputation for being long outdated and in a such a deteriorating condition that it got dubbed as one of the saddest Amtrak stations in America by CityLab in 2015. In September 2016, the station building was temporarily closed due to a partial collapse during heavy rains, further highlighting the need for a new station. The platforms remained open for passengers. Demolition of the 1952 station began on August 22, 2019, to make way for the new station.
Buffalo–Exchange Street station