Project Details

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Results Chart for Delivery Method and Financing

Delivery Method

DBB/CMAR
# of Projects: 1
100% of the Results

Background informationProject Created: March 27, 2018

Project Name: Moynihan Train Hall (Farley Post Office Conversion)
Year in Operation: 2021
Sector: Transportation
Subsector: Rail, Transportation Terminal
Status: Design / Construction
Type: Substantial Alteration of Existing Facility
Description: Conversion of the historical landmark Farley Post Office (to the South of Madison Square Garden and Penn Station New York) into a train hall for Long Island Railroad, New Jersey Transit, and Amtrak passengers. The Farley Post Office was, at one time, the City's main post office. It was built in 1910-12, just new door to the original Pennsylvania Station Head House. The Head House was demolished in the 1960's to be replaced by Madison Square Garden and the office buildings at Penn Plaza. Trains still run under Madison Square Garden. The new Moynihan Train hall will provide
Delivery Method as described in the country where it's located: Design Bid Build
Is the project still active: Yes
Comments:

Project Locations

Address: 8th Ave and West 33rd Street
City: New York
State: New York
Country: United States of America

Souces of Project Support (Non-monetary)

Checkbox Checked Access to Land: Complex mixed public/private use project. Post Office retains space along Eight Ave. Two private developers get a 99 year lease on the rest of the existing Farley Building - which leaves the interior atrium of the existing structure available to be converted into a glass covered train hall. The lease allows 700,000 square feet of shops, restaurants, and commercial space.
Checkbox Checked Revenue Stream (Cash Flow) Created Through Initial Commitment of Public Sponsor(s): The 99 year lease generated $650 million of the $1.6 Billion project's initial design and construction cost. The Port Authority of New York and New Jersey is reported to be contributing $150 million. The Long Island Rail Road (run by the State of New York) is reported to be committing $100 million. $550 million is coming from the Empire State Development agency.
Checkbox Checked Environmental Clearance

Souces of Project Support (Monetary)

Checkbox Checked

From Public (Government) Sources to Producers: $970 million from public sources tied to New York State or the Port Authority of New York and New Jersey.

Checkbox Checked

From Private Capital Markets Directly to Producers as Debt: $630 million from private real estate developers of 700,000 sq ft of shops, restaurants, and commercial space under a 99 year lease.

Project Delivery & Finance Method

Project Delivery:
Design Bid Build/Construction Management at Risk (All Public Finance). Public Sponsor contracts for initial design, and separately contracts for initial construction. Public Owner then separately contracts with another party, who operates and maintains the facility.
Construction Manager At Risk Variants: Public Sponsor contracts with Construction Contractor after Design is Complete.

Procurement Approach

Project Component
Qualifications
Based Selection
Request for
Qualifications
Request for
Proposals
Invitation
for Bids
Unsolicited
Proposals
Design
X
Construction
X

Term for Key Components & Forms of Contract

Project Component
Years
Quarters
Initial Design and Construction
4
0
Forms
Description
Don't Know
 

Project Value (If and As Known)

Date of Estimated Project Value: August 15, 2017
Project Value
Hard Cost
Hard & Soft Costs
Construction
$1-5 Billion US
$1-5 Billion US
Total
$2-10 Billion US
$2-10 Billion US

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