Federal officials and Amtrak announced the developer who will lead the transformation of Penn Station.
The transformation will include a new entrance to the train hall on Eighth Avenue, new concourses, expanded track capacity and more.
What You Need To Know
Federal officials and Amtrak announced the developer who will lead the transformation of Penn Station
Halmar — under the name Penn Transformation Partners — was picked to be the master developer for Penn Station redevelopment
The proposal doesn’t move Madison Square Garden, nor does it require demolishing the Hulu Theater
The transformation will include a new entrance to the train hall on Eighth Avenue, new concourses, expanded track capacity and more
There are not many details on the proposal, but Halmar — under the name Penn Transformation Partners — was picked to be the master developer for Penn Station redevelopment. The proposal doesn’t move Madison Square Garden, nor does it require demolishing the Hulu Theater.
Previously Halmar’s parent company, ASTM, had put out a proposal with a completely new façade and entrance on Eighth Avenue that the MTA, when it was leading the redevelopment, would not consider.
There were two other proposals, one from a group called Penn Forward Now, whose plans were never made public, and Grand Penn Partners, which was backed by a donor of President Donald Trump.
The Grand Penn Partners proposal included moving Madison Square Garden and was in neo-classical style that the president favors.
The proposal that was picked, according to Amtrak, will construct a grand entrance on Eighth Avenue to a new train hall, replace the cramped walkways with open concourses, add a classical look to MSG and improve the station’s existing subterranean structure.
Amtrak adds that the proposal also includes expanding track capacity, like limited through-running on the regional rail network. That’s when trains don’t terminate at Penn but go beyond it to other stops with passengers, which neither NJ Transit nor the MTA do.
The federal government took over the redevelopment from the MTA back in April of last year and appointed former New York City Transit President Andy Byford to oversee it.
“One of the first questions is, what are the financial commitments being made by a proposed developer? What equity are they putting on the table?” MTA Chair and CEO Janno Lieber asked in reaction to the announcement.
“What are the standards in terms of delivery or schedule commitments that are being made that their compensation is contingent on? Those are all features of the standard P3, so those are the kinds of questions we’re asking, and of course, we don’t know what the design looks like at all, so we’re finding out just as you are,” Lieber continued.
The project will be a public-private partnership in which the developer also helps pay for the project and recoups the cost in rights to the retail. U.S. Transportation Secretary Sean Duffy announced in a Senate hearing that the federal government will also put in significant money.
“When it comes to our rail, we’re making generational improvements to the Northeast Corridor. That means…a transformative investment in New York’s Penn Station — $8 billion, by the way,” Duffy said.
In a statement Wednesday, Secretary Duffy said of the project: “In selecting Penn Transformation Partners (Halmar) and their innovative plan, we are one step closer to delivering a world-class travel hub that daily commuters and travelers have dreamed of for decades.”
A spokesperson for MSG Entertainment issued their own statement reacting to the decision: “We congratulate Penn Transformation Partners on being selected to redevelop Penn Station following Amtrak’s process and look forward to working with all parties as their plan advances toward a new Penn Station.”
Amtrak says they are finalizing the contract and are set to break ground before the end of 2027.