Under the firm’s plan, it would operate and maintain the station for 50 years, collecting a fee of about $250 million annually from the railroads operating inside of it.īut the plan already faces resistance from the Metropolitan Transportation Authority, which is taking the lead in the Penn redevelopment effort, and has forwarded its own proposal for the station. More than just designing a new Penn, ASTM wants to be chosen as the “master developer” of the station. “We really have a good sense of the space,” he said.
But ASTM senior vice president Peter Cipriano said his firm, which has been working on its proposal for two years, is “way beyond conceptual artistry here.” On Tuesday, Hochul showed off artist renderings of what a new Penn Station could look like under the MTA's plan. Sidewalks outside the station also would be widened and adorned with trees. Other project elements include a second-floor “porch” waiting area, two elevators on every train track, additional seating near tracks, and a station ceiling design inspired by New York City’s street grid. ASTM officials called it unnecessary, invasive, and expensive.ĪSTM officials said they have been working closely with Madison Square Garden officials on the plan, and have reached an agreement, in principal, to acquire the 5,600-seat theater, whose floor doubles as the low ceiling on the LIRR’s level at Penn Station, for less than $500 million. Removing the theater would not only provide additional space for Penn Station travelers, but for MSG’s truck-loading operation, which is known to tie up traffic near the Garden, according to ASTM officials.īy clicking Sign up, you agree to our privacy policy. But the project would require reconstructing a pedestrian bridge and disrupting MSG's HVAC system.
The MTA is proposing a train hall closer to Seventh Avenue.The MTA's chairman called the potential transaction a "bailout" of MSG. ASTM's $6 billion proposal focuses on acquiring and knocking down The Theater at Madison Square Garden, so that a five-story train hall can be built on Eighth Avenue.The MTA and private developer ASTM are clashing over their competing proposals for the redevelopment of Penn Station.
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