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U.S. Department of TransportationFederal Railroad Administration
PPPs for Station Development: Moynihan Train HallMarc RicksVornado Realty Trust
2017 FRA Rail Program Delivery Meeting
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Vornado OverviewPreeminent owner, manager, and
developer of office and retail assetsNYC-focused with sizable assets in
each of Chicago & San FranciscoOver 25MSF of office and nearly
3MSF of retail, plus residential55 years on the NYSE$15B market capitalizationNationally recognized leader in
sustainability
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Vornado Penn Plaza3
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station4
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station: Connectivity5
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station: Connectivity6
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station: Connectivity7
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station8
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Farley Post Office9
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Farley Post Office10
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
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1999
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
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September 27, 2016
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
New Penn Station13
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Moynihan Train Hall14
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Private Development15
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Private Development16
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Deal Structure99-year lease to a Developer JVDeveloper JV control of office and
retail for the duration of the leaseDeveloper JV obligation to construct
the train hall (passed to contractor)Train hall control by a condo board
(including Developer JV, railroads)Amtrak ownership of its unitSublease of space to USPS
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Deal Structure
Unit owner
State of NY
Developer JV
SkanskaUSPS
Amtrak MTA
Fee owner
Lessee
Sub-Lessee Contractor
Condo board
Lessee
99-year lease for private space
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Funding (Approximate)
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Uses $M Sources $M
Train Hall $1,600 State of NY $700
Miscellaneous Costs >250 Port Authority of NY/NJ 150
Amtrak 105
MTA/DOT/Other 140
TIFIA Loan 525
Developer Contribution 230
Total Uses >$1,850 Total Sources >$1,850
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
TIFIA Structure20
PILOT & Rent
Developer JV
State of NY
TIFIA
City of NY
MTA
PILOT Agreement
Credit Support
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Challenges
Transportation requirements vs. commercial imperatives
Multi-party negotiationDistance between Developer JV
and TIFIAReal estate creditGetting anything done
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Lessons Learned
Public and private capitalPublic and private creditScalability?AttorneysDeadlinesSenior leadership
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
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August 17, 2017
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
August 1724
August 17, 2017
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
August 3125
August 31, 2017
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
October 3126
October 31, 2017
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
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January 2021
U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
The Future?28
U.S. Department of TransportationFederal Railroad Administration
Marc RicksSenior Vice President, [email protected](212)-894-7970www.vno.com
Thank you!