The state Public Authorities Control Board has voted to buy the Farley Post Office for $230 million and change–with some of that being provided by a loan.
This was exactly what Assembly Speaker Sheldon Silver wanted to do last fall, but which Gov. Pataki resisted, since it meant that the state would own a building without having approved a plan to go along with it (and also because he saw Mr. Silver’s position as posturing for Madison Square Garden’s sake). That plan, to turn the post office into Moynihan Station, still has not been approved by the PACB.
If Moynihan never gets approved and the larger attempt to move Madison Square Garden collapses, the taxpayers of New York State will have an awfully large, hard-to-heat building on their hands. But, hey, who could pass up a chance to own a set of 20 53-foot Corinthian columns?
– Matthew Schuerman