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5/21/2026
Amtrak and the U.S. Department of Transportation have selected a joint venture between Halmar and Skanska as master developer for the $7 billion New York Penn Station transformation project.
The joint venture, Penn Transformation Partners, will build a new station inspired by the original Penn Station that was demolished in the 1960s, bringing back classic design while fitting with the major structures already in place, namely Madison Square Garden and Moynihan Train Hall, USDOT officials said in a press release.
Construction is slated to begin before the end of 2027. Station plans include a new grand entrance on Eighth Avenue to a new train hall, open concourses, expanded track capacity, new retail locations, better wayfinding and improvements to the existing subterranean structure.
Penn Station is a major transit hub; it's served by MTA Long Island Rail Road, Amtrak and New Jersey Transit trains. MTA New York City Transit subway lines run beneath the station.
USDOT and Amtrak took over control of the Penn Station project from the New York Metropolitan Transportation Authority in April 2025, citing mismanagement, timeline and budgetary concerns. In August 2025, USDOT and Amtrak announced a new project schedule and a $43 million federal grant to jump start project development.
The Penn Station project will also receive a $200 million infusion through the Federal Railroad Administration's Partnership-Northeast Corridor Program, USDOT officials announced last month.