State Will Buy Post Office For Moynihan Station

In keeping with the earlier report this week, the planned conversion of the James A. Farley Post Office into a new transit center, the Moynihan Station, moved a step closer to reality. Yesterday, the Public Authorities Control Board voted to approve spending $230 million to buy the post office.

While the PACB has approved this and politicians are patting themselves on the back, we doubt the drama will be over. Last October, Assembly Speaker Sheldon Silver blocked Governor Pataki's Moynihan Station plans because he claimed Pataki's plans didn't take into account a more extensive revitalization of Madison Square Garden as well. It's unclear if a proposal that would put MSG in the Post Office is what the state and city will move forward with, but what we do find funny is that the $230 million price for the Post Office is the price that was set five years ago - does this mean the Post Office hasn't appreciated, not even with inflation?

Patrick Foye of the Empire State Development Corporation (the state entity buying the station and heading up development of the project) said, "The city and the state have a common interest in making sure that West 34th Street gets developed and that the building befits Senator Moynihan's vision." And last month, the Observer looked at how Spitzer (and his appointee, Foye) was going to handle the Moynihan station plans.