Developers Reduce Scale of Moynihan Station Plans

The two real estate developers involved in the proposed Moynihan Station project say they're toning down their once grand plans for the Farley Post office at 33rd and 8th. By WNYC's Matthew Schuerman reports on a plan that is very much in flux.

REPORTER: The developers, the Related Companies and Vornado Realty Trust, once offered to contribute as much as a billion dollars towards the train station complex. In return, they'd get two million square feet worth of zoning rights to build offices, a new sports arena and shopping nearby. But the president of the joint venture, Vishaan Chakrabarti, says the developers now want a smaller role, to act more or less as general contractors that public agencies would hire to renovate the Farley building.

CHAKRABARTI: I think the real estate market clearly slowed down what was the sort of grander version of the project with moving Madison Square Garden and all that. I think what's important now is that we get the Farley infrastructure piece going.

REPORTER: Sen. Chuck Schumer says he will lobby Amtrak to chip in some of the money that the developer won't be paying.