Moynihan Station development to receive $40M in federal funds

Source: The Real Deal

The Moynihan Station project is to receive $40 million from the Federal Transit Administration, as part of a larger $1.9 billion pot of federal funds being allocated to New York City transit-related projects. The Moynihan fund announcement follows a call from Senator Charles Schumer and other officials for money for a planned Penn Station extension. The $40 million will go to the Port Authority of New York & New Jersey and be used for waterproofing and other resiliency steps, sources from Schumer’s office told Crain’s. An additional $13 million, meanwhile, will go toward the second phase of the project, which ultimately aims to convert Farley Post Office’s eastern annex into a future Amtrak train station. That phase is projected to cost $700 million in total. Read full story

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