The Real Deal New York

Port Authority approves up to $150M for Moynihan Station

The agency previously rescinded a 40K sf lease at the transit hall
By Chava Gourarie | September 22, 2016 06:00PM

Rendering of Moynihan Station

Rendering of Moynihan Station

The Port Authority of New York and New Jersey will provide up to $150 million in funds for the development of Moynihan Station, the proposed transit hall at the site of the Farley post office near Penn Station. On Thursday, the bi-state agency’s board approved the capital contribution, which will come from the Port Authority’s capital budget for transportation projects.

In March, the Port Authority backed out of a 35-year, 40,000-square-foot lease in the Moynihan transit hall with the Empire State Development Corporation, the agency which purchased the post office in 2007.  At the time, they promised to study the agency’s future role in the station’s redevelopment.

The board’s approval gives a boost to Gov. Cuomo‘s proposed $3 billion redevelopment plan of both Penn Station and Moynihan Station. The project is slated to be funded primarily through private investment, with government funds contributing just $325 million.

The redevelopment of the Farley building has been a work-in-progress since the 1990s, and some of the city’s top developers have placed bids for the projects’s newest iteration.