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Brookfield, Related, Vornado Among Developers Eyeing The $3B Penn Station Renovation

New York

A who’s who of developers and landlords showed up for a tour of Penn Station last month, as the Empire State Development Corp seeks a private developer for the station’s $3B renovation.

Boston Properties, Brookfield, Related Cos, Silverstein Properties, Tishman Speyer, Vornado, Madison Realty Capital and JDS Development were among those who came, Crain’s reports.

Exact details of the overhaul remain to be ironed out, but a sketch looks like this: new retail, upgrades to the indoor space and entrances, and possibly a relocation of the Theater at Madison Square Garden and, in its place, a glass-enclosed atrium on the Eighth Avenue side, which in several years’ time will face toward a bustling Hudson Yards district.

A revamp of the Farley Post Office across Eighth Avenue will be part of the plan, and could include retail and even a hotel or office space.

Lenders, including Bank of China and Barclays, tagged along—which is fitting, since it’ll fall to developers to scrape up the funds to get the project built. Bids are due April 22. [Crain’s]