NEW YORK CITY—Empire State Development Corp. is seeking to hire a broker to sell 1.5 million square feet of unused development rights attached to the Farley Post Office building.
The move is seen by some that the Cuomo administration is looking to secure funding, perhaps hundreds of millions of dollars, to finance its plan to expand Pennsylvania Station into the state-owned Farley building located on Eighth Avenue between 31st and 33rd streets, according to the Wall Street Journal.
The state acquired the circa 1912 Farley building as part of a plan that includes the new train hall and other real-estate development in the area. Some local officials have expressed concern over the prospect of an additional 1.5 million square feet of development in the area. "There's a very serious question of where they are going to put 1.5 million square feet of development," says State Assemblyman Richard Gottfried. "That's an awful lot of development in an area that is already way overloaded." See story in the Wall Street Journal.
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