3 developers named to short list for Penn Station transformation project

Three candidates have been named to a shortlist to be the New York Penn Station transformation project master developer, Amtrak has announced.

Four teams had been under consideration for the project to revamp the 115-year-old commuter hub, an effort the Trump administration in April said would turn Penn Station into "a world-class facility while safeguarding taxpayer dollars."

Making Amtrak's shortlist announced Tuesday were: Penn Forward Now, Penn Transformation Partners and Grand Penn Partners. A fourth candidate, Renaissance Rails, was not selected.

The Penn Forward Now team is headed by Fengate, which, according to its project website, is "a leading North American alternative investment manager specializing in infrastructure, private equity, and real estate strategies." 

The second selection, Penn Transformation Partners, is headed by Halmar International, described as "a New York-based construction firm and subsidiary of the Italian infrastructure giant ASTM Group." Its proposed redevelopment would turn Penn into a "light-filled, single-level concourse" that keeps Madison Square Garden in place but creates a "grand entrance and train hall by surrounding the arena with a new, glass-enclosed, multilevel structure."

The third selectee, Grand Penn Partners, headed by Macquarie, has proposed a plan to move the station's entrance to Seventh Avenue, restore the original facade, create a light-infused entrance hall, provide green space and even build a new Madison Square Garden.

According to the New York Penn Station Transformation website, Amtrak said it planned to announce the selection of its master developer from the finalists by May, with preliminary design and National Environmental Policy Act assessments to begin this summer.

Construction is expected to start late next year, the Amtrak website said.

"New York Penn Station houses important railroad operations and maintenance functions, commissary operations, crew management facilities, and other activities," the website notes. "Amtrak is also responsible for maintaining all station platforms, tracks, signals, fire life safety systems, tunnel monitoring, and more."

In an email to Newsday, ReThinkNYC chair Sam Turvey applauded the selection process moving forward, calling it "a positive step," even though the organization had sought more time for Amtrak to consider the different approaches for the redevelopment of Penn Station, he said. The nonprofit is "dedicated to applying innovative thinking to the future of New York City and its greater region," according to its website.

Turvey also noted ReThinkNYC had supported the Renaissance Rails proposal that was not included among the final candidates.

"Each of the firms chosen have strong team members and we look to and hope for a continued push by all parties for the best possible Penn Station — on a transit, architectural and public realm basis — that our collective resources can muster," he said.

By John Valenti

john.valenti@newsday.com

John Valenti, a Newsday reporter since 1981, has been honored nationally by the Associated Press, Society of the Silurians and National Headliner Awards for investigative, enterprise and breaking news reporting, as well as column writing. He is the author of “Swee'pea,” about New York playground basketball star Lloyd Daniels. His debut crime novel, “For Nothing Is Hidden,” rooted in 1950s Long Island, was released in October 2025.