Waiting for a new Penn Station is a little like waiting for a train at Penn Station.
You are standing in the NJ Transit train hall, neck craned back slightly to stare down a screen that promises your train is “on time.” A small number will appear next to your train, telling you where to catapult your body to join a swarm of commuters competing to squeeze onto the tiny escalator that will deliver you to your train.
But the number never appears, despite an automated voice that tells you the train is pulling up to the station. You get an alert on your phone that says all trains are suspended in and out of Penn because someone sneezed near some Amtrak signal cables. Or NJ Transit needs to investigate the sneeze; it is unclear. You know that no trains are coming, but that automated, female voice keeps informing you, over and over, that phantom trains are pulling up to the station.
That disembodied voice is a little like the announcements that the state is kick-starting a plan to redevelop Penn Station. You hear it, you want to believe it and then you wait and nothing happens.
I’ve been covering this project for the past 10 years, and in that time, the state has reintroduced the project at least five times. Many visions, by both the state and outside groups, have been pitched during that time.
This week Grand Penn Alliance, a group backed by hedge fund manager and Republican donor Thomas Klingenstein, according to Gothamist, reupped a proposal it introduced in 2023. The plan calls for moving Madison Square Garden to the former Hotel Penn site, and building a park on the former arena site. Renderings show a classical facade, new train hall and single-level concourse. Last week Assembly member Tony Simone pitched revising plans for a megadevelopment surrounding the station to include more housing and a park on the Hotel Penn site.
We’re still waiting on the state to announce its next move on redesigning Penn Station and whether Gov. Kathy Hochul’s meeting with President Donald Trump on Friday will help get things moving. We’ve been on standby for decades, and this train will not pull into the station until funding is lined up for the project.
What we’re thinking about: What is going on with Berkshire Hathaway HomeServices and Compass? Send a note to kathryn@realtacticspro.com.
A thing we’ve learned: Mets owner Steve Cohen’s casino project, which his press people will no doubt remind us should be referred to as Metropolitan Park, this week got the rezoning it needs from the City Council, Gothamist reports. That was not a surprise, because the local Council member, Francisco Moya, supports the plan.
Cohen’s main obstacle is getting parkland alienation from the state legislature, because the local state senator, Sen. Jessica Ramos, doesn’t want a casino in her district.
It’s possible that the legislature will alienate the parkland over her objections, but that is rare for Albany. If ever an exception would be made, it would be for something like this. The parkland is really just a parking lot. — Erik Engquist
Elsewhere in New York…
— President Donald Trump hinted Thursday that he may seek Gov. Kathy Hochul’s approval of a controversial pipeline as part of discussions that include congestion pricing and the redevelopment of Penn Station, Gothamist reports. The so-called Constitution Pipeline would stretch 124 miles through New York’s Southern Tier and western Catskills.
— City health officials say two pet cats died after being infected with bird flu, the New York Times reports. The cause of the infections was not clear, though potential sources include unpasteurized milk, contact with infected birds and infected food.
— Last month Lt. Gov. Antonio Delgado announced that he will not seek re-election next year. Now, it seems he’s preparing to run for something else. City & State reports that Delgado spoke at New York Somos in Albany last weekend and delivered “stump speech-sounding remarks.” He did not attend Hochul’s private reception at the Executive Mansion.
Closing Time
Residential: The priciest residential sale Friday was $15.6 million for a condo unit at 535 West End Avenue. The Upper West Side condo is 6,600 square feet. The unit was last sold in 2013 for $16.3 million.
Commercial: The most expensive commercial closing of the day was $161.3 million for 334-342 Madison Avenue. The 22-story office building was sold at auction after RXR’s Scott Rechler defaulted on a $315 million mortgage on the building.
New to the Market: The highest price for a residential property hitting the market was $7.2 million for 160 Leroy Street. The West Village condo is 2,000 square feet. Douglas Elliman’s Arlene Gutterson has the listing.
Breaking Ground: The largest new building application filed was for a 66,886-square-foot, 12-story residential building at 10 Van Cortlandt Avenue East in the Bronx. The development site sold last year for nearly $5 million. Saky Yakas of SLCE Architects is the applicant of record.
— Joseph Jungermann