Hello Moynihan Station - Goodbye Penn

It's the busiest rail station in America - the first step of its transformation that returns some of its former grandeur began Oct. 18 at a groundbreaking that included DOT Secretary Ray LaHood. Penn Station will be renamed Moynihan Station.
October 19, 2010, 12pm PDT | Irvin Dawid
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One hundred years ago the original Penn Station was completed - and would be torn down to make way for office development over sixty years later. Now that Phase I has begun, planners may have to consider Phase II, as it has no funding nor start date.

"New York's top elected leaders have knocked over a fake brick wall with sledgehammers in a symbolic groundbreaking for an expanded Pennsylvania Station. The expanded Penn Station will be named after the late Sen. Daniel Patrick Moynihan, who pushed for it in the 1990s. The first phase of the expansion will include creating two new entrances from the Farley Post Office across the street.

From Canadian Press via Google: NYC begins transformation of Penn Station in 100th year after original: "The $276 million price tag for the first phase includes $83 million in federal stimulus money.

Officials said the station expansion will go forward whether or not the stalled New Jersey-New York rail tunnel is built. New Jersey Gov. Chris Christie killed the $9 billion project because of anticipated cost overruns but agreed to a two-week reprieve at LaHood's urging."

Thanks to Crain's News Alerts

Full Story:
Published on Monday, October 18, 2010 in Crain's N.Y. Business - Real Estate
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