3 developers named to short list for Penn Station transformation project

Three candidates have been named to a short list to be the New York-Penn Station Transformation Project master developer, Amtrak has announced.

Four teams had been under consideration for the project to transform 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 short list announced Tuesday were: Penn Forward Now, Penn Transformation Partners and Grand Penn Partners. A fourth candidate, Renaissance Rails, was not selected for the short list of potential master developers for the project.

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 (MSG) in place but creates a grand entrance and train hall by surrounding the arena with a new, glass-enclosed, multilevel structure."

The third short list selectee, Grand Penn Partners, headed by Macquarie, has proposed a plan to move the Penn entrance to Seventh Avenue, restore the original station 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 activities to take place beginning this summer.

Construction on the new project is expected to begin at the end of 2027, the Amtrak website said.

That website notes: "New York Penn Station houses important railroad operations and maintenance functions, commissary operations, crew management facilities, and other activities. 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 master development selection process moving forward, calling it "a positive step," despite the fact he also said the organization, which its website said was "dedicated to applying innovative thinking to the future of New York City and its greater region," had sought more time for Amtrak to consider the different approaches for the redevelopment of Penn Station.

Turvey also noted ReThinkNYC had supported the Renaissance Rails proposal, which was not included among the short-listed 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.