http://www.planNYC.org/ PlanNYC | New York City Planning Information Portal en-us ja3n@earthlink.net http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4330 At a breakfast forum this week, Deputy Mayor Robert Lieber suggested that the city may be rethinking its initial opposition to the Port Authority’s involvement in the Moynihan Station project because of the bi-state agencies large funding resources. However, Lieber is concerned that adding Moynihan onto the Port Authority’s plate might further delay the redevelopment effort at the World Trade Center site. The city is still opposed to adding a second stop on the 7 subway line extension. 2008-06-12 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4315 After several delays and complications have all but killed an earlier plan to redevelop the Farley Post Office building into a new train station and move Madison Square Garden from its existing location above Penn Station to a site adjacent to the Farley building, Vornado Realty Trust has announced a scaled-down plan to redevelop MSG, as well as the Hotel Pennsylvania across the street. The new MSG plan involves removing the theater and creating two new grand entrances to Penn Station on 7th and 8th Avenues. The Hotel Pennsylvania would get a minor renovation, possibly including the addition of three floors of new retail to be connected to the adjacent Manhattan Mall. 2008-06-03 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4277 Manhattan Borough President, Scott Stringer, would like to see the Port Authority take control of the Moynihan Station development. Because of the Port Authority's far-reach, many believe it is the only agency capable of completing the project. In order to provide the local support and coordination, Stringer suggests creating a conservancy partnering the City and the State, such as that created for Battery Park City, in order to facilitate a process for moving forward. Stringer believes this project is important for the economic development and transportation benefits that it will provide. 2008-05-28 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4261 If the Port Authority (PA) takes over redeveloping the Moynihan Station project, some believe the role of the State Legislature, most notably Assembly Speaker Sheldon Silver, will be diminished because the PA does not need final approval from the Public Authorities Control Board (PACB) for financing. Since the PA is a bi-state agency they do not have to get the same approval as others in developing projects in New York State. Senator Charles Schumer has pushed the PA’s takeover of the project primarily because it has $2 billion available in its capital plan. Others oppose the PA’s control, including Mayor Bloomberg. 2008-05-22 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4244 In a column in the New York Post, Senator Charles Schumer reiterated his suggestion that the development of Moynihan Station and surrounding area should take precedent over the Hudson Yards project. Senator Schumer stated that he believes that both projects are vital to the future of New York, but that it makes more sense for development to start in the Penn Station area, where transportation infrastructure already exists, and then move westward. The senator outlined four steps to moving forward in developing midtown west: transfer control of the Moynihan Station project to the Port Authority, make improvements to Penn Station by moving some of the NJ Transit and Amtrak operations offsite and working with Madison Square Garden to move the WaMu Theater, move forward with the Moynihan Station project by granting it government approval, and rezone the Penn Station area to allow for more building and offer bonuses to companies that invest in transportation infrastructure. 2008-05-19 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4245 According to bond analysts, financing for repayment on the $2 billion in bonds issued in 2006 to help fund the number 7 subway line extension appears to be secure despite delays and setbacks in the development projects whose revenues were intended to back the notes. The bonds are backed primarily by revenue streams coming from the sale of development rights, development fees, and various payments in lieu of taxes within a special Hudson Yards Financing District that includes the 26-acre Hudson Railyards sites. Complications in negotiations of the sale of development rights for that site, as well as setbacks in other projects in the area like Moynihan Station and the Javits Center expansion, have some investors worried, but representatives from bond rating agency Standard & Poor’s insist that their ratings on the bonds were not linked to any particular development project and thus the ratings would not be affected. Mayor Bloomberg has set aside money in the City’s budget to cover debt payments on the bonds, but so far it has not been needed thanks to existing revenues coming in from smaller developments in the Hudson Yards Financing District. 2008-05-19 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4230 Governor Paterson admitted publicly on Wednesday for that there might not be sufficient money for several New York City projects including Moynihan Station, Hudson Yards and the Jacob Javits Center. New York City is suffering from a real estate slump that has affected several other cities recently. The governor suggested that it might be necessary to have “either an individual or a committee oversee all the structural development in those particular areas” in order to overcome delays and budget shortfalls. 2008-05-14 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4231 Governor Paterson has endorsed Senator Chuck Schumer’s idea of putting the Port Authority in charge of the Moynihan Station project. Mayor Bloomberg has openly opposed this idea. Paterson has said he will weigh both sides in reaching a final decision. 2008-05-14 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4218 In a recent filing with the SEC, Vornado Realty Trust, a fifty/fifty partner with the Related Companies in developing Moynihan Station, has spent roughly $34.2 million on the project since being named the developer in 2005. The nature of the filing and a $23 million write-off, signals that in financial terms, Vornado believes the deal to remake Penn Station is dead. 2008-05-13 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4211 Even in the face of an economic downtown, Senator Schumer would like to see the Port Authority take over the expansion and renovation of Penn Station. He believes one of the City’s priorities should be to provide more office space. Mayor Bloomberg disagreed, saying that the City should be in charge of its own development priorities, though he would welcome funding from the State for Moynihan Station. Bloomberg does not support the Port Authority taking over the Moynihan Station project due to delays the agency has faced in the World Trade Center redevelopment. 2008-05-12 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4215 Following comments made by Senator Charles Schumer (D-NY) about the future development on Manhattan's West Side, Mayor Mike Bloomberg warned the Senator that "we set the cities priorities – they don't come out of Washington." Schumer and Bloomberg disagree on what essential elements are needed to get the Hudson yards project back on track. Schumer contends that Moynihan Station should be the top project, while Bloomberg has emphasized the extension of the No. 7 Subway line. The elected officials also disagree on who should spearhead the Moynihan Station project – Schumer would like to see the port Authority in control and Bloomberg disagrees. 2008-05-12 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4172 The New School’s Center for New York City Affairs held a panel on Wednesday to discuss the major projects in the City. Panelists, including Julia Vitullo-Martin of the Manhattan Institute and Comptroller William Thompson, emphasized that Moynihan Station needs to be a priority. Thompson asserted that there is money for the project, referring to $2 billion from the Port Authority. He also noted that because of the credit crisis, many of the City’s projects probably will not be realized. 2008-05-01 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4175 The Related Companies and Vornado Realty Trust have asked the city and the state to secure a loan that will finance moving Madison Square Garden to the Farley Post Office site which would allow for the larger project known as Moynihan Station to happen. However, if the Moynihan Station project falls through, the state and the city would be responsible for the costs of the new arena, totaling almost $1 billion. Under this proposal, construction of the new arena could begin soon while final approval for the larger project is still worked out. The Garden remains committed to renovating, not relocating. 2008-05-01 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4128 As Governor Paterson is expected to appoint a new Executive Director for the Port Authority of New York and New Jersey, many are speculating how funding could be shifted away from the redesign of the PATH station at the former World Trade Center site to fill the funding gap needed to proceed with the Moynihan Station project. While this shift of money faces many political hurdles because it is from the federal government, some have said that it would be better utilized if allocated to the renovation of Pennsylvania Station since it has serves many more people daily. Governor Paterson has already offered his support to the Port Authority taking a lead role in the Moynihan Station plans. 2008-04-22 00:00:00 http://www.plannyc.org/modules.php?op=modload&name=Issues&file=index&catid=1&issueid=34#4098 Port Authority Chairman Anthony Coscia, speaking at a breakfast forum, said that the agency was ready and willing to take over the stalled plans to build Moynihan Station. Coscia stated that the Port Authority would focus on the transportation aspects of the project, rather than the larger plan to package the new station with new office towers. The Port Authority believes improved and expanded transportation will spur economic development in the area and their financing and engineering expertise makes them well suited to take on the project. The decision to give the project to the Port Authority rests with Governor Corzine of New Jersey and Governor Paterson of New York. 2008-04-15 00:00:00