New York Budget Deal Includes Money for Plan to Fix Penn Station
(Bloomberg) -- New York’s state budget will include $1.3 billion for the ambitious plan to redevelop Pennsylvania Station and the surrounding area, a project that could reshape midtown Manhattan.
Governor Andrew Cuomo, who wants to expand and fix the maligned transit hub, has proposed developing the surrounding neighborhood. The draft plan would add 10 buildings with hotel space, offices, retail and potentially residential. Vornado Realty Trust, which owns much of the land targeted for development, will be a partner for the state’s project.
The $1.3 billion appropriation for the Empire Station Complex was enacted late Tuesday by the state Legislature.
The funding drew criticism from city and state lawmakers. New York Mayor Bill de Blasio called the money “a giveaway to big developers,” on Tuesday.
“We shouldn’t be giving out piecemeal public domain to private real estate companies,” said Assembly Member Ron Kim, a Democrat from Queens, in an interview.
Steve Roth, Vornado’s chief executive officer, called Cuomo “the master builder of our generation,” in a February 17 conference call. He said state and federal stimulus will help revive major U.S. cities that have been hurt by the pandemic.
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