Shearman & Sterling advised the U.S. Department of Transportation (DOT) in connection with the approximately $606 million loan issued by DOT under the Transportation Infrastructure Finance and Innovation Act (TIFIA) to fund the construction of the Farley Building Transportation Project or Moynihan Train Hall. The new loan will add approximately $80 million to the $526 million loan that closed in 2017, on which Shearman also advised DOT.
The Moynihan Train Hall PPP Project is an approximately $1.8 billion hybrid project financing and real estate transaction. The New York State Urban Development Corporation, doing business as Empire State Development, New York’s economic development agency, in partnership with a joint venture of The Related Companies and Vornado Realty Trust, are redeveloping the historic James A. Farley Post Office Building into a new 255,000-square-foot train hall that connects to Penn Station located across Eighth Avenue in Midtown Manhattan. The extensive improvements will ease congestion and delays and facilitate future passenger demand. The Train Hall is the new home of Amtrak and serves as the arrivals/departures hall for all Amtrak passengers in New York City. The Train Hall also houses 700,000 square feet of new commercial, retail and dining space within the mixed-use facility and has created an iconic civic space for Manhattan’s West Side.