Renderings of the new Penn Station which shows a new main entrance that is planned for the Eighth Ave. side of the station. The developer says the plan will allow for a station with natural light, soaring ceilings, and spacious platforms.
Renderings of the new Penn Station which shows a new main entrance that is planned for the Eighth Ave. side of the station. The developer says the plan will allow for a station with natural light, soaring ceilings, and spacious platforms. ( Photo: Rendering obtained by Gothamist )

The plan now being considered by the Trump Administration will be to earmark city property taxes from surrounding real estate developments and funnel it directly to pay down the tab on the massive rebuilding project.

Who is Going to Pay for the $8 Billion Rebuild of Penn Station?
30 May 2026 | 03:12
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The Trump administration has revived Andrew Cuomo’s plan to use payments from real estate development around Penn Station to help fund the rebuilding of the station itself.

“PILOTS are on the table,” reported the Manhattan Borough President, Brad Hoylman-Sigal, using the acronym for payments-in-lieu-of-taxes,...

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