Final Financial Agreement Reached for NYC's Penn-Farley Complex

New York Governor Andrew M. Cuomo has announced the closing of a final deal on the redevelopment of the Penn-Farley Complex in New York City. The agreement was reached between Empire State Development and the developer-builder team selected in September 2016 that includes Related Companies, Vornado Realty LP, and Skanska USA.

The Farley Building will be redeveloped into the Moynihan Train Hall with 255,000 square feet for Long Island Railroad and Amtrak passengers, increasing Penn Station’s total concourse floor space by more than 50 percent. The hall will feature a 92-foot high skylight above the building’s historic steel trusses and access to a total of nine platforms and 17 tracks, providing direct connections to the Eighth Avenue Subway.  

"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. "The Farley Building’s Moynihan Train Hall is two decades in the making, and we are proud that this project is finally a reality. With better access to trains and subways and state-of-the-art infrastructure, the Moynihan Train Hall seamlessly joins history, architectural design and function, bringing the nation’s busiest rail station into the 21st century."
 
The $1.6 billion project is being funded with $550 million from the state, $420 million from Amtrak, the MTA, the Port Authority and federal grants, and $630 million from the joint venture developers. 
  
The Pennsylvania Station-Farley Complex also includes a redesign of the LIRR’s existing 33rd Street concourse at Penn Station and an extensive renovation to the adjacent Seventh and Eighth Avenue subway stations. The plan will include nearly tripling the width of the 33rd Street Corridor. Other improvements include upgraded lighting and wayfinding, as well as digital screens to convey information and create a modern passenger experience.
  
“Our riders have long yearned for train hall that is as functional as it is beautiful and this new design offers them both,” remarked MTA Interim Executive Director Ronnie Hakim. “LIRR riders will enjoy better amenities and a station that is easy to navigate – two critical components for their daily commute. I commend the Governor and our private partners for realizing these improvements couldn’t wait any longer and for turning decades of promised improvements into a reality.”

The new Train Hall is scheduled to be complete by the end of 2020.