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.