A funding agreement has been reached for the multibillion-dollar redevelopment of New York’s aging Penn Station, the country’s busiest rail hub.
Gov. Kathy Hochul and Mayor Eric Adams were to announce details of the deal, obtained by The Associated Press, Monday. It calls for private developers to make payments in lieu of taxes on new commercial and residential buildings around the station for a period of 40 to 45 years, with the amount collected in excess of existing property taxes applied to the project.
