Brooklyn Capital Partners wants to put a bow on Gov. Andrew Cuomo’s proposal to overhaul Penn Station—by erecting the world’s tallest free-fall tower ride on top of Madison Square Garden or the Farley Post Office.
The developer is calling the proposed amusement ride “The Halo,” and says it would help generate much-needed funds to cover repairs and upkeep at the station, the NY Daily News reports.
Brooklyn Capital president Alexandros Washburn and chairman John Gerber both previously served as president of the Penn Station Redevelopment Corp, and they say The Halo helps solve a problem they’ve grappled with for years, as other options like residential have proven infeasible.
“This is the final click of the Rubik’s Cube,” Washburn tells the Daily News.
The ride would cost roughly $637M to build and Brooklyn Capital estimates it could attract as many as 7.8M riders a year, at $35 a pop. A ground lease payment plan could generate roughly $38M per year to be used for upkeep at the station.
It’s unclear how much of a shot The Halo has at actually getting built. The state, for one, has told Brooklyn Capital the project doesn’t conform to the RFP issued earlier this year because it does not include the posting of a $15M bond.
Vornado and The Related Cos are also interested in the Penn Station project and might have plans of their own. [NYDN]
