It looks like a renovated Penn Station on Eighth Avenue is closer to being a reality. The project has been gestating for a while - check out this 1999 NY magazine article - but according to an article in the NY Times, NY State, who is overseeing the plan, has two anchor tenants and most of the financing in place; now they are looking to select a developer who will transform the James A. Farley Post Office into "Moynihan Station" (after Daniel Patrick). The anchor tenants will be NJ Transit and the Long Island RR (Amtrak's financial troubles are causing them to stay to at Penn Station), and two of the remaining four developers in the hunt are offering up new sports arenas, as in a new Madison Square Garden, which then leads into an interesting dance about whether or not Cablevision will renovate the existing Garden or if the city will try to win Cablevision's support for a West Side Stadium if the city and state fund a new area. The Moynihan Station Development Corporation is still looking for $40 million for an emergency ventilation system.

More details on what Moynihan Station will include is considered breathtaking; see the plans for the new Moynihan Station at Skidmore Owings & Merrill.