June 19, 2017 Comments Off on Related, Vornado Plan $1.6B NY Train Hall MXU Views: 926 National News, New York News, Northeast

Related, Vornado Plan $1.6B NY Train Hall MXU

Empire State Development Corporation struck a $1.6-billion deal with Related Companies, Vornado Realty Trust and Skanska to redevelop the James A. Farley Post Office into Moynihan Train Hall. The planned transportation hall and mixed-use complex will connect to Pennsylvania Station via the recently completed West End Concourse.

The funding package includes $630 million from the development team, $550 million from the state,  $150 million from the Port Authority of New York and New Jersey, $105 million from Amtrak, $100 million from Metropolitan Transportation Authority and $65 million from federal grants.

The complex will include a 255,000-square-foot train hall for Long Island Railroad and Amtrak passengers, as well as 700,000 square feet of office and retail space. Moynihan Train Hall will feature a 92-foot-high skylight and access to nine platforms and 17 tracks. The redevelopment is scheduled to be complete by 2020.

Read more at Commercial Observer

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