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Port Authority pledges $150M to Moynihan Station development

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The agency’s financial contribution to the project was previously up in the air

Earlier this year when the Port Authority announced that it was backing out of a 40,000 square foot lease at Moynihan Station (the transformed James A. Farley Post Office building), it raised the question of whether the agency would still make a financial contribution to the $3 billion effort of the post office and Penn Station.

Those doubts have now been put to rest. On Thursday the agency approved up to $150 million in funds for Moynihan Station, The Real Deal reports. The funds were approved by the agency’s board and will come from its capital budget on transportation projects.

Though most of the redevelopment project spearheaded by Governor Andrew Cuomo will be funded privately, about $325 million was to be made available through government funds. In March, the Port Authority said it would study its role in the redevelopment and then make a call on its involvement. And now it has.

New York Penn Station

1 Penn Plz, New York, NY 10001 (212) 630-6401