Schumer announces rail center funding

The Farley Post Office is seen in New York, Sunday, Nov. 18, 2007. (AP Photo/Seth Wenig)

February 16, 2010 11:36:40 AM PST
The federal government will award $83.3 million in stimulus money to transform New York City's main post office building into a rail gateway. Sen. Charles Schumer said Tuesday that the funding from the American Reinvestment and Recovery Act means that the first phase of the long-delayed project can go forward this year. The new station is to be named after the late Sen. Daniel Patrick Moynihan.

Phase I of the project will include infrastructure improvements like new escalators and elevators for better access to train platforms.

It should be completed by 2015 and is the prerequisite to Phase II - actually moving the train station from the site it shares with Madison Square Garden to the Post Office building across the street.

Phase II will cost $1 billion to $1.5 billion and must be funded separately.