Governor Hochul Applauds PACB Approval of Landmark Funding Agreement to Redevelop Penn Station, Revitalize Surrounding Neighborhood

July 27, 2022

Critical Milestone Advances Governor's Proposal to Renovate and Potentially Expand Penn and Fund Public Realm and Transit Improvements Without Raising Taxes or Fares on New Yorkers

Project Components Include Station Reconstruction and Potential Expansion; Up to 708 Units of Affordable and Supportive Housing; Vibrant Open Space; and Enhancements to Streets, Sidewalks, and Transit Infrastructure

Vote Follows ESD Board Approval of Penn Station General Project Plan

Information on Project Financing, Costs, and Cost-Sharing Available Here

Governor Kathy Hochul today applauded the Public Authorities Control Board's vote to approve a financial framework supporting her proposal to rebuild and potentially expand Penn Station and reactivate the surrounding area. The unanimous vote marks a major step toward actualizing the Governor's plan, which includes the construction of a new, modern train station; up to 1,800 units of housing - including hundreds of affordable and supportive housing units - brand-new, state-of-the-art office space; 8 acres of open space; and enhancements to the streets, sidewalks, and local transit infrastructure. It also affirms the State's commitment to delivering the project without raising taxes on New Yorkers or fares on transit riders.

Last week, Empire State Development's Board of Directors voted to approve the Pennsylvania Station Area Civic and Land Use Improvement Project's General Project Plan, Governor Hochul's vision to reimagine Penn Station and the surrounding area.

"For far too long, Penn Station has been an overcrowded, cramped, and neglected mess. This vote is a major milestone in our plan to fix Penn Station and transform the surrounding neighborhood," Governor Hochul said. "New Yorkers deserve a station they can be proud of, quality affordable housing to call home, walkable streets and sidewalks, and easy access to transit. This plan will provide all of that and more. I thank the Public Authorities Control Board for their approval, and I look forward to continued engagement with elected partners, community leaders, and other stakeholders as we move this project forward and deliver a station worthy of New York."

"For decades there has been talk of building a new Penn Station, but now we have a once-in-a-generation opportunity to deliver a station worthy of the greatest city in the world," said New York City Eric Adams. "Future generations of New Yorkers will see the new Penn Station as proof that New York City can achieve big things, even during challenging times. I applaud the PACB for this historic vote, which will bring a world-class transit hub, quality jobs, and much-needed affordable housing to our city. I also want to thank Governor Hochul, as well as Governor Murphy and our partners at the MTA, Amtrak, and NJ Transit, for demonstrating that government can work quickly and collaboratively to 'Get Stuff Done.'"

Empire State Development President, CEO, and Commissioner Hope Knight said, "Governor Hochul's vision for a world-class Penn Station and revitalized surrounding neighborhood is the positive, long overdue transformation that New Yorkers deserve. Not only is the plan a win-win for riders, residents, and commuters, it is also a forceful catalyst for New York's long-term economic development. Transit-oriented development is a model of sustainable growth, and we are proud of the open, public process this project has gone through over the last two years, strengthened by the input of civic groups and community members who made their voices heard and helped improve the plan."

Read the full press release here.