Governor Hochul just announced the approval of the project.

Penn Station could finally shed its reputation as a dingy keep , thanks to a new renovation plan that ’s finally received approval .

Governor Kathy Hochul recently announced that the MTA , in partnership with NJ Transit and Amtrak , just approved the contract for the massive project to a joint speculation of architects of FXCollaborative , engineering business firm WSP , and British excogitation studio John McAslan and Partners .

It is estimated that the disk projection will cost a walloping $ 6 - 7 billion , with a first - year base contract of up to $ 57.9 million to modernize the preliminary station pattern .

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Image courtesy of NY Governor’s Office

" Since crews require a wrecking ball to the original Penn Station in 1963 , generations of New Yorkers have been united in their call to build a novel place desirable of New York , " Governor Hochul said in an official statement . " By approving the declaration for the redesign of Penn Station , we move another stride nigher to getting it done . The transformation of Penn can not come soon enough , and we look frontwards to building a world - class post that puts New Yorkers first , birth a rider - focused transportation experience , and a enceinte locality they merit . "

Last year , FXCollaborative and WSP unveiled thePenn Station Master Plan , which picture Penn Station becoming a 250,000 - square - ft single - point facility build around a terrific train lobby and sprawling from Madison Square Garden to 2 Penn Plaza .

The project ’s priorities list revolve around a better rider experience in term of stream and overcrowding , and more station entree and exits will assist this finish . Improved safety and accessibility is also on the inclination with additional elevator , moving staircase , and waiting area , and the project is also set to integrate other retail and dining options . The current plan does not add train content , although aseparate Gateway programis in the work to increase rail capacity between NYC and Newark , New Jersey by build new geartrain tunnels under the Hudson River and renovate be ones .

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Image courtesy of NY Governor’s Office

The changes are put to impact an estimated 650,000 daily commuters , who will also gain from the presence of a Modern 30,000 - square - foot public plaza outside the post featuring more bike lane and docking station as well as widened sidewalk . consort to the master programme , in high spirits - advance residential towers will also be make , and they could make 1,800 flat with 540 permanently affordable units . to boot , the station will be integrated with the Modern Moynihan Train Hall .

" Awarding the design contract is a immense step forward in Governor Hochul ’s attempt to make Penn Station — once again!—a safe , world - class transit deftness , " Janno Lieber , MTA Chair and CEO , said in an prescribed affirmation . " The opening of Grand Central Madison in just a few months provides us with a once - a - century chance to reconstruct Penn Station . With a sizable share of LIRR rider expected to shift their trips to Grand Central Madison , Penn Station will have five years with lower customer bulk before a newfangled inflow of client come on Metro - North Railroad by 2027 . The MTA wants to get most riotous the study done before then , so I ’m thrilled we are go forward promptly with the invention phase angle of this monolithic , long - delayed effort . "

Take a tone at some of the projection ’s renderings here below :

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Image courtesy of NY Governor’s Office

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Image courtesy of NY Governor’s Office

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Image courtesy of NY Governor’s Office

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Image courtesy of NY Governor’s Office