Funding deal for new Penn Station reached between state, NYC
A funding agreement was reached for the multibillion-dollar redevelopment of New York’s aging Penn Station, the country’s busiest rail hub.
Gov. Kathy Hochul and Mayor Eric Adams announced details of the deal Monday.
The plan would create new commercial and residential buildings around the station, with those building’s developers getting to make payments in lieu of taxes for a period of 40 to 45 years. The amount collected in excess of existing property taxes would be applied to the project.