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[Markets] New York Governor Hochul Offers Plans To Renovate "Depressing" Penn Station New York Governor Hochul Offers Plans To Renovate "Depressing" Penn Station

New York Governor Kathy Hochul has proposed plans to redevelop New York's Penn Station, which she referred to as "depressing" this week.

Hochul's plans for a redevelopment will be a step back from total renovation plans that were being considered by former governor Andrew Cuomo.

Hochul's ideas include "modernizing the existing rail hub instead of building a new terminal", according to BNN. She is proposing that the LIRR and NY Transit portion of the station eventually turns into a "single-level, doubling circulation space on the main hall" with plans for "adding more accessibility and more escalators." 

Despite her plans to tone down Cuomo's complete renovation ideas, Hochul referred to the station as "depressing" while discussing her plans this week.

The new governor also plans on renaming the station to “something to do with how iconic New York State is”. 

The project under Hochul's guidance is expected to cost between $6 billion and $7 billion and could take four to five years to complete. 

The surrounding buildings will include as many as 1,800 residential units, but will still come in at 1.4 million square feel less than the renovation plans proposed by the previous governor. All spaces will be made "greener and more sustainable," the report says, without getting into details of exactly what this means. 

Hochul had already cancelled Cuomo's plans for a rail connection to Laguardia from the station. 

Vornado Realty Trust owns a large portion of the land that is being targeted for redevelopment. 

“Improving the quality of life for New Yorkers is my top priority,” Hochul said. 

Tyler Durden Mon, 11/08/2021 - 05:45
Published:11/8/2021 5:23:22 AM
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