$1.6 billion Penn Station expansion plan is a done deal

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$1.6 billion Penn Station expansion plan is a done deal

Postby MNCRR9000 » Sat Jun 17, 2017 12:15 am

The Cuomo administration announced Friday afternoon it has completed a $1.6 billion deal with a group of private developers to transform the Farley Building into a western annex of Penn Station. It will house train halls for Amtrak and Long Island Railroad along with retail and commercial space.

A partnership between the Related Cos., Vornado Realty Trust and construction giant Skanska will build it and pay $630 million of its cost in return for the right to operate and collect income from the 700,000 square feet of office and retail to be created in the Farley Building.

The remainder of the project's cost will be met with $550 million from New York state and $420 million from Amtrak, the Metropolitan Transportation Authority, the Port Authority and federal grants.


http://www.crainsnewyork.com/article/20 ... ornado-and
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Re: $1.6 billion Penn Station expansion plan is a done ndeal

Postby CarterB » Sat Jun 17, 2017 10:26 am

Skanska has been working on the Farley/Moynihan station for years now and the western concourse is now open. What's the deal with this announcement???
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Re: $1.6 billion Penn Station expansion plan is a done ndeal

Postby adamj023 » Mon Jun 19, 2017 9:35 am

CarterB wrote:Skanska has been working on the Farley/Moynihan station for years now and the western concourse is now open. What's the deal with this announcement???


It is for finalization of the second phase of the project. Project is now fully funded. So we will start to see the construction begin for the new train hall.
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