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DOT Issues $537.1 Million TIFIA Loan for NYC's Moynihan Train Hall Redevelopment
DOT Secretary Elaine L. Chao announced July 6 a $537.1 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan from DOT’s Build America Bureau to the New York State Urban Development Corporation D/B/A Empire State Development (ESD) for construction of the Moynihan Train Hall Redevelopment Project, located across the street from Penn Station in Manhattan.
The total project cost is approximately $1.85 billion, with the remainder coming from ESD, the Port Authority of New York and New Jersey, New York Metropolitan Transportation Authority, Amtrak and private developers.
“This TIFIA loan will help transform the James A. Farley Post Office Building in Manhattan to include a modern, state-of-the-art train station, delivering extensive improvements for passengers in easing congestion and delays,” Chao said. “This is an important investment in the Northeast Corridor’s rail service and the economic vitality of the region.”
The project is expected to relieve congestion at Penn Station, the busiest passenger transportation facility in the U.S. with 650,000 passengers per weekday. It will deliver critical improvements and expansions to ease congestion and delays and facilitate future passenger demand. The project is expected to benefit the entire Northeast Corridor (NEC) service area, as two-thirds of all NEC rail trips currently pass through Penn Station.
The Moynihan facility, currently under construction, will become the new headquarters of Amtrak and the arrival and departure hall for all Amtrak passengers in New York City. It will also provide ticketing and other services for MTA Long Island Rail Road.
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