Vornado, Related and Skanska finalize deal to build $1.6B Moynihan Train Hall, Extending & Upgrading Ailing Penn Station (NYC)

``Vornado Realty Trust, Related Companies and Skanska have finalized a deal with the state to build a $1.6 billion train hall at James A. Farley Post Office, paving the way for construction to begin. State officials announced the deal on Friday, roughly nine months after the companies were named the preferred design-build team for the project. The Empire State Development Corp., the state agency leading the development, inked a financial agreement with the team that requires $550 million from the state, $630 million from the developers and $420 million from Amtrak, the MTA and federal funds.'' -- See also this article for new renderings.