PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer...
Transcript of PPPs for Station Development: Moynihan Train Hall...MTA/DOT/Other 140 TIFIA Loan 525 Developer...
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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
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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
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station4
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station: Connectivity5
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station: Connectivity6
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station: Connectivity7
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Penn Station8
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Farley Post Office9
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Farley Post Office10
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
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1999
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
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September 27, 2016
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
New Penn Station13
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Moynihan Train Hall14
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Private Development15
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
Private Development16
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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
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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
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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
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
August 1724
August 17, 2017
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
August 3125
August 31, 2017
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
October 3126
October 31, 2017
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
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January 2021
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U.S. Department of TransportationFederal Railroad Administration
U.S. Department of TransportationFederal Railroad Administration
The Future?28
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U.S. Department of TransportationFederal Railroad Administration
Marc RicksSenior Vice President, [email protected](212)-894-7970www.vno.com
Thank you!