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New Idea for Penn Station Entails Relocating a College
Related’s chairman, Stephen M. Ross, has spent more than a year wooing college officials, and he met last month with senior officials in the administration of Gov. Andrew M. Cuomo, hoping to persuade them that this is the best way to move the project forward, real estate executives said.
But Mr. Cuomo and the City University of New York, which runs the college, have not embraced the proposal, which has been perceived by some in the real estate industry as more advantageous for Related than for the college.Michael Arena, a CUNY spokesman, would say only that officials have had “preliminary discussions with” Related.Matthew L. Wing, a spokesman for the governor, said, “We’re reviewing the proposal.”Related would not comment on the proposal, which was described by real estate executives who have been briefed on it.Some longtime supporters of the Moynihan project said the proposal was worth exploring, especially if it would lead to construction of the train annex.“We do need to get going on this station, ” said Robert Yaro, president of the Regional Plan Association, a civic advocacy group. “I’d like to see something exceptional done there.”The long delay on the Moynihan project is typical of large, complicated redevelopment efforts involving partnerships between private developers and government, like Battery Park City, Hudson Yards or the rejuvenation of Times Square. The projects can languish through the ebb and flow of the economy, legal challenges and changes in Albany or at City Hall.Nearly eight years after Related, and its development partner, Vornado Realty Trust, were selected by the state to build Moynihan Station, the developer is loath to relinquish its development rights. And today, the state has no desire to end the partnership, if only because it would have to reimburse Related for about $25 million in expenses related to the project.
But Mr. Cuomo and the City University of New York, which runs the college, have not embraced the proposal, which has been perceived by some in the real estate industry as more advantageous for Related than for the college.Michael Arena, a CUNY spokesman, would say only that officials have had “preliminary discussions with” Related.Matthew L. Wing, a spokesman for the governor, said, “We’re reviewing the proposal.”Related would not comment on the proposal, which was described by real estate executives who have been briefed on it.Some longtime supporters of the Moynihan project said the proposal was worth exploring, especially if it would lead to construction of the train annex.“We do need to get going on this station, ” said Robert Yaro, president of the Regional Plan Association, a civic advocacy group. “I’d like to see something exceptional done there.”The long delay on the Moynihan project is typical of large, complicated redevelopment efforts involving partnerships between private developers and government, like Battery Park City, Hudson Yards or the rejuvenation of Times Square. The projects can languish through the ebb and flow of the economy, legal challenges and changes in Albany or at City Hall.Nearly eight years after Related, and its development partner, Vornado Realty Trust, were selected by the state to build Moynihan Station, the developer is loath to relinquish its development rights. And today, the state has no desire to end the partnership, if only because it would have to reimburse Related for about $25 million in expenses related to the project.
