The Empire State Development Corp. will purchase the Farley Post Office for $230 million from the United States Postal Service in a deal announced on Friday. The purchase will allow plans for the Moynihan Station project, co-developed by the Related Cos. and Vornado Realty Trust, to move forward. At present, plans call for turning the Farley building into a commuter rail hub, relocating Madison Square Garden, redeveloping Penn Station, and constructing new commercial towers on the present site of MSG. more [GlobeSt]
Despite the purchase agreement, however, development plans are still in flux. more [Curbed]
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Moynihan Station deal moves forward
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