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New York & Tri-State  + Midtown New York  + Apartments  | 
Gov. Kathy Hochuls plan calls for construction of a new Penn Station along with up to 1,800 apartments and new office space

New York State Board Signs Off on Hochul Plan to Revamp Penn Station

New York State’s Public Authorities Control Board voted Wednesday to approve a financial framework supporting Gov. Kathy Hochul’s proposal to rebuild and potentially expand Penn Station and reactivate the surrounding area. The unanimous vote, which follows last week’s approval by Empire State Development’s board, locks in an agreement between Hochul and New York City Mayor Eric Adams on the financial framework. 

“For far too long, Penn Station has been an overcrowded, cramped, and neglected mess,” said Hochul. “This vote is a major milestone in our plan to fix Penn Station and transform the surrounding neighborhood.” 

Hochul’s plan includes the construction of a new, modern train station; up to 1,800 units of housing, including affordable and supportive housing units; new office space; eight acres of open space; and enhancements to the streets, sidewalks and local transit infrastructure. It also pledges to deliver the project without raising taxes or increasing transit fares. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Financing
  • ◦Policy/Gov't
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