Apr 27, 2014

Post Office Air Rights to Fund Penn Station Expansion


The Farley Post Office photo courtesy of ©Mitchell Hall
New York state officials are moving forward with a plan that could generate hundreds of millions of dollars toward funding a long-sought but stalled plan to expand Pennsylvania Station into the 1912 Farley Post office building across Eighth Avenue.

While the expansion has been planned for 20 years there have been numerous setbacks.

Recently NY state agency Empire State Development Corp posted on it's website a request seeking proposals from a broker to market the 1.5 million square feet of air rights above the post office, and then using the profits to fund the Penn Station expansion.

The plan foresees the sale generating hundreds of millions of dollars that would be used to convert the post office in to an Amtrak waiting room, The Wall Street Journal reported. Under the new plan, the state would use revenue from the sales to pay down debt on the property and help pay for transforming "the Old Sorting Hall within the Farley Building into the new, sky-lit train hall comparable in size" to Grand Central Terminal.

The administrations of three governors and two mayors all committed to push ahead with the transformation, and former U.S. Sen. Daniel Patrick Moynihan made it a pet project up until his death in 2003. The project was subsequently named Moynihan Station in his honor.

Related reading:

comments

0 Responses to " Post Office Air Rights to Fund Penn Station Expansion "

Post a Comment

All related comments are welcome. Spam will be deleted.

 
HOME

This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2014 © nyc BLOG estate Al l Rights Reserved