Vornado’s $1.4M Penn Station payment is finally getting spent

August 14, 2013 12:30PM

Vornado Realty Trust’s $1.4 million payment to the cleanup efforts around Penn Station — which has been languishing for 12 years — is finally going to use, DNAinfo reported.

The city Department of Transportation plans to allocate the funds to Upgrade Street signs and add a rain cover to the Seventh Avenue taxi stand outside the station. Vornado provided the cash in 2001 in exchange for being permitted to erect billboards in the area as tall as five stories. City agencies could not decide what to do with the money, which was intended to improve the streetscape.

The Agencies And The 34th Street Partnership, a nonprofit Business Improvement District, are “a couple weeks or months away from rough agreement” on a plan, Dan Biederman, the group’s president, told DNAinfo.

The Partnership Would Design Both The Street signs and rain cover in-house, the report said. [DNAinfo]Mark Maurer