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Vornado joint venture wins bid for Moynihan Train Hall rebuild in NYC

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Vornado joint venture wins bid for Moynihan Train Hall rebuild in NYC

Ajoint venture between VornadoRealty Trust, Related Cos. and Skanska AB won the bid for theredevelopment of the James A. Farley Post Office in Manhattan, N.Y., into a newmixed-use transportation hub, New York Gov. Andrew Cuomo said Sept. 27.

Theredeveloped station on Manhattan's West Side, to be known as Moynihan TrainHall, will include nearly 588,000 square feet of office space and 112,000square feet of retail space and will include Amtrak and Long Island Rail Roadhubs, the governor said at the Association for a Better New York.

Theproject is set to be completed by 2020, on a fixed schedule and at a cost of$1.6 billion, including a $600 million commitment from the developers for thecommercial and retail rights.

Vornadoand Related have been linked to the stalled redevelopment since 2005. The two were removedfrom the project earlier in 2016.

Notably,the joint venture will not tackle the redesign of nearby Penn Station as partof the project, for which there will be a separate request for proposals.