Developer Unveils $6B Plan to Revamp Penn Station, Keep MSG Intact Amid Criticism

Developer ASTM North America unveiled a $6 billion proposal to overhaul Penn Station as an alternative to the state's $7 billion plan.
The proposal would keep Madison Square Garden intact within a new stone exterior structure and feature two main train halls, a glass-wrapped mid-block building, and a naturally lit passenger concourse.
The project calls for tearing down Hulu Theater to create a new Eighth Avenue entrance and improve pedestrian traffic flow.
Critics, including MTA officials, have raised concerns about the plan to acquire Hulu Theater from Madison Square Garden owner James Dolan, but ASTM disputes the cost and denies it would be a bailout.
The project would be funded through a combination of upfront equity, public funding, and loans, and ASTM would oversee operations and maintenance for a 50-year term.