Port Authority could take stake in new Penn Station

With the planned redevelopment of Penn Station short $1 billion, the Sun reports that the Port Authority could take a stake in the project and provide crucial funding. Vornado Realty Trust and the Related Companies are expected to contribute $550 million, while the state and city would each contribute $300 million. State officials say they are looking for more money from the developers and are trying to get federal money. The state’s top development official, Patrick Foye, has said involving the Port Authority “is not a sound idea.” The new Moynihan Station is expected to drive the growth of the Far West Side.