Moynihan Station development to receive $40M in federal funds

Funds to go toward Farley Post Office train station conversion

TRD New York /
Sep.September 17, 2014 03:55 PM

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


Related Articles

arrow_forward_ios
Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Facebook to grow West Side fiefdom with giant Farley Building lease

Facebook to grow West Side fiefdom with giant Farley Building lease
320 West 31st Street and Normandy’s Travis Feehan (Credit: Google Maps, Normandy)

Building buy near Facebook-Apple battleground hints at big project

Building buy near Facebook-Apple battleground hints at big project
Facebook CEO Mark Zuckerberg and Apple CEO Tim Cook with a rendering of the Farley development (Credit: Getty Images, SOM iStock)

Facebook facing off with Apple over space in Vornado’s Farley Building conversion

Facebook facing off with Apple over space in Vornado’s Farley Building conversion
Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Facebook in talks for massive lease at Vornado’s Farley Building

Facebook in talks for massive lease at Vornado’s Farley Building
Dentsu Americas CEO Nick Brien, the U.S. Postal Service building at 390 Ninth Avenue, and Vornado's Steve Roth

Largest floor at Vornado’s Farley Building could go to Japanese ad firm

Largest floor at Vornado’s Farley Building could go to Japanese ad firm
Vornado increases stake in Farley Post Office redevelopment project

Vornado increases stake in Farley Post Office redevelopment project

Vornado increases stake in Farley Post Office redevelopment project
Vornado, Related target life-sciences tenants for Farley Post Office redevelopment

Vornado, Related target life-sciences tenants for Farley Post Office redevelopment

Vornado, Related target life-sciences tenants for Farley Post Office redevelopment
Construction starts picked up in 2017, thanks to large institutional and public works projects

Construction starts picked up in 2017, thanks to large institutional and public works projects

Construction starts picked up in 2017, thanks to large institutional and public works projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...