The Real Deal New York

Moynihan Station development to receive $40M in federal funds

Funds to go toward Farley Post Office train station conversion

September 17, 2014 03:55PM

Rendering of Moynihan Station

Rendering of Moynihan Station

The Moynihan Station project is to receive $40 million from the Federal Transit Administration, as part of a larger $1.9 billion pot of federal funds being allocated to New York City transit-related projects.

The Moynihan fund announcement follows a call from Senator Charles Schumer and other officials for money for a planned Penn Station extension. The $40 million will go to the Port Authority of New York & New Jersey and be used for waterproofing and other resiliency steps, sources from Schumer’s office told Crain’s. An additional $13 million, meanwhile, will go toward the second phase of the project, which ultimately aims to convert Farley Post Office’s eastern annex into a future Amtrak train station. That phase is projected to cost $700 million in total.

A partnership between the Related Companies and Vornado Realty trust has pledged roughly $500 million for the work, and Schumer has called for federal funds for the remaining $200 million.

The $1.9 billion transit allocation, meanwhile, is to go toward several projects, most of which are under the purview of the MTA. They include $617 million to protect train storage and repair yards from water, $300 million to reinforce street-level openings in flood-prone areas, $200 million for upgrades to the Staten Island ferry, $100 million for MTA energy station improvements and roughly $80 million to protect city tunnels from flooding. [Crain’s]Julie Strickland

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