Penn Station plan is the worst deal since Manhattan was sold for $24

(NY POST) Nicole Gelinas, August 3, 2022

Last week, Gov. Kathy Hochul and Mayor Eric Adams had some supposedly good news for their constituents: a plan to revamp the long-reviled Penn Station and use this infrastructure investment to revive the long-troubled surrounding area. But a closer look reveals a plan with few benefits for Manhattan residents and commuters, one that will increase state government power and bureaucracy at the expense of the private sector and good governance.

For the city, the agreement represents one of the worst real estate deals since Native Americans sold Manhattan.

The concept, which has been around since the Cuomo administration, appears elegant enough: Let commercial developers build eight tall towers around Penn Station, a major regional commuting hub that, pre-pandemic, processed 600,000 daily trips, and then use the tax dollars generated by that development to improve the station itself. The project would turn the cramped, dark, multilevel space into a single, airy floor, build new entrances as well as more escalators and elevators, and allow room for an above-ground public plaza and “shared streets,” including bike lanes, to untangle traffic.

As the mayor said, “the new vision for Penn Station is to our generation what the Empire State Building was to previous generations: a symbol of our resiliency and a project that will define our city for decades to come.”

Indeed, it will define the city, and the state, too — as having bloated and opaque governments that revel in conferring special favors.

Source: NY Post