A financial agreement has been reached between all partners involved in the Pennsylvania Station-Farley Complex project to transform New York City’s James Farley Post Office into a world-class transport hub to relieve pressure on the cramped facilities at Penn station.
The $US 1.6bn project is being funded with $US 550m from New York state, $US 420m from Amtrak, the Metropolitan Transit Authority, the Port Authority of New York and New Jersey and federal grants, and $US 630m from the joint venture developers.
Redeveloping the Farley Building into the Moynihan train hall will create a new 23,690m2 train hall for Long Island Rail Road and Amtrak passengers and increase Penn Station’s total concourse floor space by more than 50%. The Farley Building will also house 65,000m2 of new commercial, retail and dining space.
Nine platforms and 17 tracks will be accessible from the train hall, which will provide direct connections to the Eighth Avenue Subway (lines A