Governor Kathy Hochul has announced that the state will proceed with the plan to rebuild Penn Station without constructing high-rise office towers around it. The state will now separate the renovation from redevelopment of its surrounding neighborhood. Governor did not disclose a new funding plan for the $7 billion project, though she mentioned applying for federal aid and utilizing previously allocated funds of $1.3 billion. Moreover, they are expanding their search for architects in order to consider additional design ideas and avoid criticism regarding eminent domain usage or favoritism allegations. This announcement comes ahead of Italian developer ASTM’s alternative proposal which does not seem likely to be pursued by either MTA or State authorities at this time .
Greystone Provides $91.9M in Fannie Mae Loans for New York Affordable Housing Refi and Acquisition
Greystone has originated $91,851,000 in Fannie Mae financing to support the refinance and acquisition of three affordable housing communities in
Steve Griffin
July 24, 2026
