Related Companies, Vornado Realty Trust, and Skanska have reached a $1.6 billion agreement with the Cuomo administration to redevelop the James A. Farley Post Office Building, an individual landmark bound by Eighth and Ninth avenues and West 31st and West 33rd streets, in Midtown West.
The structure will be transformed into a 255,000-square-foot train station, to be called Moynihan Station, which will be connected directly and serve as an expansion to Penn Station. There will also be 700,000 square feet of office and retail space, Crain’s reported.
The development team is putting $630 million towards the project in return for controlling the entire commercial component of the redevelopment. Another $550 million is coming from New York state and a combined $420 million from Amtrak, the Metropolitan Transportation Authority, the Port Authority of New York & New Jersey, and federal grants.
Skidmore, Owings & Merrill is taking a leading role in designing the redevelopment, which is expected to be complete in 2020.