A multibillion-dollar redevelopment funding deal has been reached between Penn Station and the state of New York. The plan will create new commercial and residential buildings.
A recent study commissioned by Reinvent Albany, a state government watchdog group, estimated that the payments in lieu of taxes would amount to about $4 billion, a number that assumed a southern expansion of the station to accommodate more tracks when a new Hudson River tunnel is built several years from now. That expansion, which is in initial discussions, is projected to cost an additional $13 billion.
Samuel Turvey, chairperson of RethinkNYC, a transportation and land use advocacy group, said the plan is misguided because it fails to turn Penn Station into a through-running facility where trains would pass through to other areas of the city, rather than turning around and returning to their origin or sitting in rail yards.
The state has committed $1.3 billion for the initial reconstruction of the station. The rest of the cost is expected to be filled by federal dollars and contributions from New York,The funding agreement still needs final approval from the state’s Public Authorities Control Board, which oversees project-related financing for the state’s public authorities.
The plan calls for a large, single-level train hall with higher ceilings and a 450-foot-long skylight to replace the current cramped, windowless interior; more escalators, stairs and elevators to platforms, and more street entrances to reduce sidewalk crowding.
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