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Moynihan Station Mini-FAQ: Out on Loan

1) Hey, what's up with Moynihan Station? It's finally officially off life support, following Friday's news that the city is stepping up and paying $230 million for the James Farley Post Office. Well, not quite paying $230 million—rather, borrowing $90 million towards the $230 million price. Well, not quite borrowing $90 million—but the Empire State Development Corp. can borrow $35 million, its share of the $90 million. Still following? The state hopes that the amount will eventually be covered by a private developer, like say Vornado and Related, if and when that deal gets done.

2) Wait, the deal with the developers isn't done? Nope. But the city is looking for leverage here. As Matthew Schuerman recently observed, "having control of some of the property involved would put the state in a better position to negotiate with the private developers who own Penn Station's air rights over who will pay how much to redo the station."

3) So what's the new timeline? It's been clear since Eliot Spitzer ascended to the throne that the Moynihan Station project was back on track, but the timeline is anyone's guess. The overhaul of Farley Post Office into Moynihan Station was supposed to be done by 2010. Ha. Ha ha.

4) Er, I thought we weren't supposed to call it the Farley Post Office anymore. Oh, shut up.