In addition to serving the needs of all of Oyster Bay, it often hosted the town's most notable resident, U.S. President Theodore Roosevelt, as he traveled to and from his home at Sagamore Hill.

In 2004, this historic structure was designated a New York State Landmark, The following year the building was acquired by the Town of Oyster Bay and was listed on the Federal Register of Historic Places.

The OBRM intends to restore the station exterior and interior to match original appearance as closely as possible.

The restored structure will then be equipped with exhibits concerning the history and significance of the railroad on Long Island, as well as details on railroad technology.

The OBRM has already stabilized the building's exterior in 2004. However, much remains to be accomplished, including restoration of the exterior, construction of replacement station canopies, and complete renewal of the station interior with replacement of missing interior wainscoting and beams.

In order to create a controlled, energy efficient environment for the museum, all doors and windows will be replaced and a modern heating and air conditioning system will be installed. The building will be handicapped accessible and ADA compliant. The interior will be equipped with period-appropriate fixtures including lights, benches and a ticket window to better capture the atmosphere of the station in its heyday. An alarm system will be added to keep the facility secure. Finally, the station will be equipped with interactive and educational exhibits for the benefit of the museum visitors.