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GlobeSt.com UPDATE: NJ Transit Takes Lead Role in Moynihan Station

NEW YORK CITY-NJ Transit inks a deal that positions it to become the anchor rail tenant at the under-construction Moynihan Station here. The parties are in the process of negotiating a 99-year lease.

By Barbara Jarvie | Updated on November 21, 2005

NEW YORK CITY-A memorandum of understanding has been executed between the Moynihan Station Development Corp. and NJ Transit that will make the transit operator the anchor rail tenant at Moynihan Station on Eighth Avenue. The parties are in the process of negotiating a 99-year lease for 35,000 sf of space. NJ Transit is expected to pay approximately $2.3 million annually for the exclusive space.

The NJ Transit board of directors say the extra room is needed to accommodate its growing ridership. Under the agreement, NJ Transit will exercise operational control of the new station and integrate the new facilities with its existing operations across the street in Penn Station.

In July, the team of the Related Cos. and Vornado Realty Trust was selected to redevelop the Farley Post Office. Dubbed the Moynihan Station, the $818-million project involves 300,000 sf of space for the train station, 850,000 sf for commercial space–including as much as 100,000 sf of retail–and up to one million sf of air rights for residential housing across the street.

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