[NYguy]

Grand Central itself is undergoing a transformation, but nothing really touches it, even the grand PATH and Fulton Street terminals Downtown, as fabulous as they are.



http://gothamist.com/2013/02/05/rela...attan_real.php

Moynihan Station Developer Now Wants Free TriBeCa Real Estate



A rendering of one of the entrances to the long-suffering Moynihan Station. BMCC would, in theory, go in an office building round back

As much as we hope and pray that it will, the depressing subterranean mess that is the modern Penn Station isn't just going to one day magically fix itself. And the ambitious and long-gestating project to turn the Farley Post Office across the street from the current station into Moynihan Station isn't going to pay for itself. Which was sort of why we thought the city picked a developer for the project. But now, it seems, the project's developer, Related, is trying to think outside the box to make it feasible. According to the Times the company is actively trying to woo Manhattan's community college, BMCC, to leave TriBeCa and move to midtown. This is not a good idea.

The plan spelled out in the Times would be for Related to create 1.1 million square feet of space in a new office building that would go up as the company builds a new train hall, new train platforms and underground connections to the rest of Penn Station. The school would be the anchor tenant in the new building. Which sounds great—we want all of those things—but there is a catch.

In exchange for the new BMCC campus, Related would want the school to hand over its current downtown campus—which considering its location on Chambers Street next to Battery Park City and some of the best public schools in the city could be a potential gold mine. Luckily, BMCC doesn't seem particularly interested. And since the land is the government's it isn't even clear if such a swap would be legal. Right now neither BMCC officials or officials for the Governor (BMCC is a part of CUNY, after all) are saying much about the idea beyond that they've seen it.

Related is reportedly still working on charming BMCC and the Governor on this deal, arguing that it is the only way to restart the long-languishing project. Still, as much as we desperately want to never have to enter the current Penn Station ever again this seems like a raw deal. Related is already well entrenched in the city future (hello, Hudson Yards) and the last thing it needs is an incredibly valuable piece of lower Manhattan real estate as a way to get moving on a project that it should have been working on for more than half a decade. Yes, there was a recession that slowed things down but we're sure there are other anchor tenants out there to jump start the project that wouldn't involve the government giving away more "free" money.

Related should have concentrated on swapping with MSG, since it's already there, rebuild Penn Station along with some new commercial space....