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NYC, State Reach Funding Deal for Penn Station’s Revamp

  • Shared city-state governance entity to oversee improvements
  • New York will sell development rights to private developers
Commuters wait on platforms at Pennsylvania Station in New York.

Commuters wait on platforms at Pennsylvania Station in New York.

Photographer: Amir Hamja/Bloomberg

A funding deal has been reached for the redevelopment of New York City’s Penn Station, the latest step in the multibillion-dollar plan to transform the rail station that sits below Madison Square Garden. 

New York Governor Kathy Hochul and New York City Mayor Eric Adams announced the financial framework between the city and state that will help fund the reconstruction and potential expansion of Penn Station in a statement Monday. Under the agreement, the city and state have committed to establishing a shared city-state governance entity to oversee the improvements.