Putting New Yorkers first? The Moynihan Station was estimated to cost $315m in 1992, and grew to $1.6b upon opening. To cover the shortfall, MTA (The Empire State Development Corp.) is selling the air rights over the Farley Post Office Building. Not New Yorkers first, the project is covering and continuing MTA waste spending first.
Cost? $7b, or $6.7b just a few months before, to be funded through taxes from 10 commercial buildings and 1,800 residential apartment units (540 tied to income) totaling 18.3 million square feet. 5 years ago, it was estimated at $3b, and that includes the Moynihan Station. With less people living in New York City and more people working remotely, will the project work?
Hudson Yards, an even larger development few blocks west, is still under construction. Thank you US Senator Chuck Schumer.