New York Advances Plan to Redevelop Area Near Penn Station

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New York state is moving forward with a plan to redevelop the area around Pennsylvania Station, a major project that could reshape midtown Manhattan.

Empire State Development has adopted a draft plan to develop eight sites around the transit hub, which would result in 10 mixed-used buildings with about 20 million square feet (roughly 1.9 million square meters) of offices, retail, hotel and potentially residential space.

Last year, Cuomo promised to expand the train station’s capacity by 40% and create new developments to fund the improvements. The draft plan announced on Friday would roughly double the size of building permitted on the sites, according to a press release.

The state is partnering on the project with Vornado Realty Trust, which owns much of the land targeted for development.

Vornado has been looking replicate the success at nearby Hudson Yards, spending more than $2 billion to redevelop over 5 million square feet by Penn Station. Facebook Inc. inked a lease in August for all of the office space at the Farley Building, which is connected to the new Moynihan Trail Hall.

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