Mercato immobiliare New York

Reconstruction of Penn Station in New York City is moving forward, with an Italian company leading the proposals

The reconstruction of the heavily criticized entrance of Penn Station is set to proceed despite the presence of controversial new skyscrapers. With a project value totaling $7 billion, Governor Kathy Hochul announced that the construction of the skyscrapers may be delayed for several years. As per the New York Post, state authorities have already allocated $1.3 billion towards the project, but additional substantial federal funding is needed to bridge the remaining gap, particularly due to the economic threat posed by remote work in the wake of the Covid-19 pandemic. Governor Kathy Hochul expressed her determination to see the project through, stating, “My focus right now is on completing this project.” Hochul and MTA officials have also revealed plans to accept proposals from architects and external firms to develop a more detailed vision for enhancing the main level of Penn Station. The vision includes merging two levels of the station into a unified entrance level, with a goal of doubling or even increasing the ceiling heights throughout the station, which have long been a subject of complaints.

Additionally, an eye-catching new railway atrium is set to be constructed between 7th and 8th Avenue, where the currently unused Madison Square Garden runway is located. This design aims to allow sunlight to reach the new entrance level, a feat not achieved since the original complex was demolished. The MTA’s vision also entails building two new main entrances at the corners of 8th Avenue. The owners of Madison Square Garden have strongly opposed the railways’ current proposal, expressing concerns over potential interference with their operations and sporting events. Meanwhile, an Italian company, with former MTA President Pat Foye serving as a high-level executive, has put forth its own plan, which involves demolishing the Hulu Theater—an auxiliary structure of Madison Square Garden—to create a new railway atrium on 8th Avenue within the complex.


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