New York Governor Andrew Cuomo has unveiled a USD 3 billion PPP project transform Penn Station and the historic James A. Farley Post Office into a world-class transportation hub.
The project will be expedited by a public-private partnership in order to break ground this year and complete substantial construction within the next three years.
The construction cost is expected to be in excess of USD 3 billion, including USD 2 billion to redevelop Farley and Penn into a world-class transportation hub and at least USD 1 billion for ancillary retail and commercial developments between 7th and 9th avenues. USD 325 million of this will come from government sources, including USDOT, Port Authority and Amtrak. Nearly all of the work will be funded by private investment, in exchange for an interest in the long-term revenue stream generated by the retail and commercial rents.
“Penn Station is the heart of New York’s economy and transportation network, but it has been outdated, overcrowded, and unworthy of the Empire State for far too long,” said Governor Cuomo.
The existing Penn Station facility will be dramatically renovated. The project will widen existing corridors, reconfiguring ticketing and waiting areas, improve connectivity between the lower levels and street level, bring natural light into the facility, improve signage, simplify navigation and reduce congestion, and expand and upgrade the retail offerings and passenger amenities on all levels of the station. The new station will include Wi-Fi, modernized train information displays and streamlined ticketing.
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