X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Boston Properties, Jones Lang LaSalle working with Tishman Speyer Properties, LCOR, the Staubach Co., the Related Cos. and Vornado Realty Trust are vying for the right to develop Moynihan Station. The companies each responded to the Request for Qualifications issued by the Empire State Development Corp. by last Friday‘s deadline.

The project involves the expansion of the current James A. Farley Post Office building to link it to the current Penn Station. The $1-billion public/private effort involves 400,000 sf allocated for a new train station, 100,000 sf of retail space, 750,000 sf for private redevelopment and the possibility of up to a million sf of additional air-development rights. The US Postal Service revitalization will account for approximately 250,000 sf.

Calling the project “a gateway to the city,” ESDC chair Charles A. Gargano says the developers’ interest “confirms the need to create a new intermodal transportation facility. This project is the cornerstone for turning the area into a vibrant destination for people to work and shop.”

A Request for Proposals where the developers will detail a mix of uses for the landmark two-block site, will be issued next month. The station is expected to be open by 2008.

In March 2003, state and city officials said the new station would be named in honor of the late US Senator Daniel Patrick Moynihan. The senator had long considered the revitalization of the transportation mecca to be a pet project. Funding that had been secured for the endeavor is now in jeopardy.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.