December 1, 2022


Professional Real Estate Experts

Public Authorities Control Board holds the fate of Kathy Hochul Penn Station renovation

Just after the Amazon debacle, Cuomo attempted to rein in the nettlesome control board by persuading the Legislature to enable a governor to eliminate customers at any time, whilst concurrently narrowing the board’s duties so it can contemplate only whether a project has sufficient funding.

As it comes about, funding inquiries have surrounded Hochul’s Penn Station renovation approach.  

“Financial problems are the fatal flaw of the Penn Station deal,” explained Rachael Fauss, senior analysis analyst at Reinvent Albany, a watchdog team that favors community funding for the enormous public-functions project.

On Tuesday early morning, the Empire State Advancement Corp. released financial aspects about how substantially the renovation would price tag and how the point out would pay for its $7 billion share. The Citizens Budget Fee stated the release was a “welcome, positive enhancement.”

A single command board member, condition Sen. Leroy Comrie, elevated queries about the Penn Station project’s finances at a hearing past month. The Queens Democrat worried that builders could scale down their programs ought to they determine the market will not assist 10 new towers masking 18 million square feet in Midtown. In that scenario there may well not be adequate income to rebuild the dilapidated Penn Station.

“I have some concerns about the timing of the funding for the job total,” Comrie reported at the hearing. “There’s some challenges on whether or not all the enhancement has to be completed or regardless of whether it’s up to the discretion of the developer.”

Command board users are appointed by the governor, but only one no vote from the three voting members is required to derail the Penn Station proposal. In addition to Comrie, the board is composed of Assemblywoman Amy Paulin, a Westchester County Democrat, and Republican Assemblyman Joseph Giglio, from close to Buffalo. The board is chaired by Robert Mujica, spending plan director below Cuomo. A fifth seat is vacant.

None of the lawmakers responded to requests for comment ahead of Wednesday’s board meeting. The Hochul administration declined to remark.

Take note: This posting was up-to-date just after the state presented added information about the prices and funding sources for rebuilding Penn Station.