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New York Commits to Penn Station Transformation Plan

SV Jan 13 penn station

If you’re like me, you have been following the progression of the proposed extension to Pennsylvania Station. The project started several decades ago and since then, it has been through several iterations. Namely, Farley 1, 2, 3, 4 and 5. This week, Arch Daily posted an article about final plans by Governor Cuomo to break ground in 2019. Today, the Governor presents a spending plan of over 140 billion for proposals throughout NYC of which the expansion of Penn Station is one.

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By Karissa Rosenfield

Governor Andrew Cuomo has laid out plans to transformNew York's congested Pennsylvania Station and neighboring James A. Farley Post Office into a world-class transportation hub.Penn Station, North America's busiest train station, was originally designed in 1910 to accommodate 200,000; currently it's serving more than 650,000 passengers each day. Though a number of firms have been enlisted in the past to re-imagine the station, the project's developer has yet to chose an official architect. 

“Penn Station is the heart ofNew York’s economy and transportation network, but it has been outdated, overcrowded, and unworthy of the Empire State for far too long,” said Governor Cuomo. “We want to buildPenn Stationto be better than it ever was, and that is exactly what we are going to do. This proposal will fundamentally transformPenn Stationfor the 21st century, and we are excited to move forward with the project in the days to come.”

The $3 billion project plans to modernize the station by connecting it underground with the Farley Post Office, located across 8th Avenue fromPenn Station. By joining the two buildings,Penn Stationwill become the "Empire Station Complex" - "one holistic and interconnected world-class station" with "first-class amenities, natural light, increased train capacity and decreased congestion, and improved signage to dramatically enhance the travel experience."

Penn Station itself, located beneath Madison Square Garden, will undergo significant renovation. Existing corridors will be widened, ticking and waiting areas will be reconfigured, connectivity will be enhanced, and retail opportunities will be expanded. 

The Farley Post Office is slated to become a new train hall for Amtrak with services for passengers of the Long Island Rail Road, New Jersey Transit and the new Air Train to LaGuardia Airport. By integrating the historic post office into the scheme, Penn Station's capacity will be increased by 50 percent.

"At 210,000 square feet, the train hall will be roughly equivalent in size to the main room at Grand Central Terminal," says the governor. 

The project is aiming to break ground this year and complete by 2019.

Steven Vornea is a Commercial Real Estate Investment specialist, CEO and Entrepreneur based in New York City. To read more about his involvement in New York City’s Commercial Real Estate go here.

Read the original article here.

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