Vishaan Chakrabarti, of PAU Architecture, unveiled his firm's winning design for a massive overhaul.
Over the last decade, there have been numerous attempts to redesign the rail hub. All have petered out.
This time around, Penn Transformation Partners, a joint venture led by Halmar and Skanska, is helming the project.
"What our ambition is - this will be America's world-class station," said Andy Byford, special advisor to Amtrak.
The new iteration relies on Madison Square Garden selling its theater to make room for an expansive one-floor concourse with soaring ceilings - allowing more spacious platforms for commuters.
A new entrance on Eighth Avenue will be inspired by federal architecture, and the entrance at Seventh Avenue and 31st Street will also get a whole new look.
The transformation would take six years and begin at the end of next year. The cost - $7 billion to $8 billion. The goal is to get the federal government to pay for a large share, and those behind the project say fares won't increase to cover the costs.
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