Led by the developer-builder team of Related Companies, Vornado Realty LP, and Skanska USA, the conversion of the James A. Farley Post Office in Midtown is undergoing a conversion into the Moynihan Train Hall and will become part of the Penn-Farley transit and retail complex.
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Penn Station to Move Forward with $1.6 Billion Revamp, Construction to Begin with Expected Completion 2020
Penn Station is officially moving forward with a $1.6 billion revamp after reaching a financial deal announced Governor Andrew Cuomo. The project includes redeveloping the James A. Farley Post Office into the Moynihan Train Hall and is a joint venture between Empire State Development, The Related Companies, Vornado and Skanska, who have committed $1.2 billion to the project. The MTA, Port Authority and Amtrak have committed an additional $420 million. The Related Companies, Port Authority and Amtrak will lease and operate 700,000 SF of commercial and retail space. The project will also include a 255,000 SF train hall and a 92-foot skylight to pay homage to the original Penn Station. The new station will be designed by Skidmore, Owings and Merrill. “Fifty years after the loss of the original Penn Station structure, passengers will once again experience a world-class rail hub worthy of New York,” said Governor Cuomo. Construction will start soon with an expected completion in 2020.
