Albany pols press state to halt Hochul-Cuomo Penn Station redesign for review

(NY POST) David Meyer and  Carl Campanile, March 9, 2022

A group of state senators representing New York City districts wants the state to hold off on Gov. Kathy Hochul’s Penn Station area redevelopment until the project’s finances can be analyzed by the city’s Independent Budget Office, The Post has learned.

The senators — who together represent the majority of the city’s delegation — want to halt the project to fund station renovations using taxes on 10 new office towers because of a lack of clarity about their details, they said in a letter Wednesday to the board of the Empire State Development Corporation.

“Vital information about the proposed Penn Station deal has still not been provided to taxpayers and the lawmakers elected to ensure their dollars are spent wisely and their city is developed smartly,” the group wrote. 

“What happens if the expected rents don’t materialize? Will taxpayers still be on the hook?”

The math of paying for the project must be made public before the state moves forward, the senators said — including whether developer Vornado Realty Trust will receive tax subsidies as part of the plan and how much tax revenue the city stands to lose because of the state’s plan to use taxes on the new buildings to fund the train station rehab.

Source: NY Post