Penn Deal Inked

The New York Times reports today that Vornado and Related have sealed the deal to develop Moynihan Station–that’s the old Farley post office building accross the street from Penn Station (which was once referred to by a critic as the city’s “vomitory.”)

They won because they had the highest bid; they had the highest bid because they’re going to take the “air rights” from over the station and transfer them across the street where they’re building an office tower, at 33rd Street and Eighth Avenue.