Washington Square Partners (WSP) is currently assisting the State of New York, through its Empire State and Moynihan Station development subsidiaries, to redevelop the James A. Farley Post Office Building into a new train station with mixed use development. This project is one the most significant public/private redevelopment efforts in the country with a cost of over $1 billion dollars. Proposed uses include a new $600 million public transportation hub and up to 1.8 million square feet of private retail, residential and hotel development.

WSP was retained by the state as its development advisor and lead negotiator for the project. WSP led the effort to determine the development program and deal structure for the project. In addition, WSP marketed the project to developers, which included issuing a Request for Qualifications and Request for Proposals. After receiving development proposals, WSP evaluated the responses and is currently negotiating redevelopment agreements on behalf of the State including evaluating financial offers associated with the development scenarios. The project involved a component being delivered under a GMP, an incentive package for the redevelopment, significant federal, state and city grant funding, a financial offer for the private development and on going operations and maintenance and associated costs to be shared by public and private tenants.

KEY ELEMENTS:

• Public/Private Partnership Solicitation and Structuring
• Redevelopment Plan
• Marketed Air Rights
• Negotiations