It's been a long, meandering road, but it seems that the long-discussed revamp of Penn Station and its immediate surroundings will move forward.

Rendering of revamped Penn StationEmpire State Development Corporation

Last week, the Public Authorities Control Board voted to approve a financial framework supporting Governor Hochul's plan to redevelop and possibly expand Penn Station, while also overhauling the adjacent neighborhood. The plan, if realized would include up to 1,800 units of housing - including affordable and permanent supportive housing - as well as offices and open space.

"For far too long, Penn Station has been an overcrowded, cramped, and neglected mess. This vote is a major milestone in our plan to fix Penn Station and transform the surrounding neighborhood," said Hochul in a statement. "New Yorkers deserve a station they can be proud of, quality affordable housing to call home, walkable streets and sidewalks, and easy access to transit. This plan will provide all of that and more. I thank the Public Authorities Control Board for their approval, and I look forward to continued engagement with elected partners, community leaders, and other stakeholders as we move this project forward and deliver a station worthy of New York."

Rendering of revamped Penn StationEmpire State Development Corporation

The project, per a news release, will include:

  • A modern, single-level, double-height train station that doubles passenger circulation space on the new public level from approximately 123,000 square feet to approximately 250,000 square feet.
  • Up to 1800 residential units, (of which up to 708, or nearly 40 percent of units, would be affordable or supportive housing);
  • 8 acres of vibrant open space.
  • Wider sidewalks, pedestrian-friendly shared streets, brand-new pedestrian plazas, and protected bike lanes.
  • Nearly twice as many entrances to Penn Station with new underground corridors connecting 34th Street-Herald Square to Penn.
  • A suite of social services to support people experiencing homelessness and those with substance use disorders and co-occurring disorders.

The project, now in the design phase, is not expected to result in higher taxes or transit fares for commuters. Past reports have indicated that the price tag could run as high as $7 billion.

New high-rise building surrounding Penn Station Empire State Development Corporation