NEW YORK | Penn Station / MSG Renovation

[NYguy]

https://cb5.org/

[NYguy]

https://www.otdowntown.com/news/trump-ad...eeks-new-name-for-penn-station-LL6058519

Trump Admin Wants to Divert Property Taxes and Seeks New Name for Penn Station


MICHAEL ORESKES
25 JUL 2026

The Trump administration for the first time publicly said it wants to divert New York City property taxes from development projects around Penn Station to help pay for its $8 billion plan to transform the station into a world-class rail hub.

…”New York Penn Station will be rebuilt into a brand-new, world-class station,” Duffy told the Senators.

He asked them to help by authorizing “an additional $1 billion” for design and construction work on the new station. Additionally, he asked the Senators to incorporate into transportation legislation an amendment that would give Amtrak authority to collect what are known as PILOTS, payments in lieu of taxes, from development projects around Amtrak stations.

…..at the time no official put their name to the plan nor did they identify specific development projects, although sources said the prime focus was on a luxury office tower Vornado Realty wants to build across Seventh Avenue, on the site of the Pennsylvania Hotel, which Vornado tore down.

Vornado, the largest property owner in the neighborhood, is a part of Penn Transformation Partners, the consortium that won the competition to be Amtrak’s private partner in redeveloping the station.

The concept of diverting local property taxes to rebuilding Penn Station was original proposed by then Governor Andrew Cuomo, who drew up a plan, known as the GPP, to build as many as ten office towers and devote payments from them in lieu of taxes to Penn Station.

The Vornado tower on the Penn Hotel site was one of the new buildings in the GPP.

That plan is still officially on the books, although it stalled in large part because of the Covid induced real estate crash.