The finance committee of New York's Metropolitan Transportation Authority approved Loeb & Loeb LLP as outside counsel relating to its involvement in the Penn Station renovation project.
The full board is scheduled to vote on the measure Nov. 16.
The MTA – one of the largest municipal issuers with roughly $38 billion of debt – is a co-project sponsor with Empire State Development Corp. and Amtrak in the development of the former Farley post office building across the street from the current station.
As part of Gov. Andrew Cuomo's proposed redevelopment, Farley would include a train hall, a unit for Amtrak's back-office functions and a similar unit for MTA and its commuter railroads as well as commercial and retail use. In September, Cuomo announced the selection of a developer-builder team for Farley that included Related Cos., Vornado Realty LP and Skanska AB.
In a memo to board members, MTA general counsel Jerome Page cited Loeb & Loeb's experience with the Farley project and more generally, with "complex multi-party real estate development transactions." The firm, said Page, has agreed to provide a 20% discount off standard billing rates.
The discounted hourly rates for the firm range from $352 for an associate to $700 for a senior partner. "These rates are competitive with rates for similarly qualified firms in this practice area," said Page.
