The U.S. Department of Transportation’s (USDOT) Secretary Elaine L. Chao has announced that a $537.1 million loan to the New York State Urban Development Corporation D/B/A Empire State Development (ESD) for the construction of the Moynihan Train Hall Redevelopment Project. The USDOT’s Build America Bureau will provide the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan.
“This TIFIA loan will help transform the James A. Farley Post Office Building in Manhattan to include a modern, state-of-the-art train station, delivering extensive improvements for passengers in easing congestion and delays,” said Secretary Chao. “This is an important investment in the Northeast Corridor’s rail service and the economic vitality of the region.”
The project, which is expected to relieve congestion at New York City’s Penn Station, will be the new home of Amtrak and will serve all Amtrak passengers in New York City. It will also provide ticketing and other facilities for Metropolitan Transportation Authority’s Long Island Rail Road service (LIRR). The new hall is expected to ease congestion and delays and facilitate future passenger demand. Currently, two-thirds of all North East Corridor rail trips pass through Penn Station today.
Construction has started and is expected to conclude in December 2020. ESD, the Port Authority of New York and New Jersey, MTA, Amtrak, and private developers will provide approximately $1.3 billion in funding for the project.