NEW YORK CITY-Related Cos. has floated a new proposal to transform Penn Station that would involve moving the Borough of Manhattan Community College to the back of the post office across from Madison Square Garden and Penn Station.
The proposal calls for the community college to move about four miles from its current downtown location to 1.1 million square feet of space in the James A. Farley Post Office building and would serve as the anchor tenant in the facility.
Related would simultaneously build a new train hall, train platforms and underground connections to Penn Station at the front end of the post office. As part of the deal, Related would receive the college’s downtown campus, which spans four city blocks near the Hudson River, for future residential development.
The newspaper reports the City University of New York has held preliminary discussions with Related and that the governor’s office is reviewing the new proposal. Gov. Andrew Cuomo and CUNY New York have not embraced the new plan, which has been perceived by some in real estate circles as being more for Related than for the college, the newspaper reports. See story in the New York Times.