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The proposed investment is by far the highest in the MTA’s history, increasing spending on infrastructure by 70 percent over current levels.
The program plans to invest more than $40 billion in New York City Transit’s subways and buses alone – including crucial signal upgrades – as well as major investment on the Metro-North runs.
“This plan expands service, increases reliability, speeds up the system, and delivers the world’s largest-ever investment in accessibility, for both NYC Transit and the MTA’s commuter railroads, and at the end of this five-year period, New Yorkers will see a revitalized and modern system for the 21st century and beyond," said Patrick J. Foye, MTA chairman & CEO.
The program proposes to invest more than $40 billion in New York City Transit’s subways and buses alone.
Another $4.7 billion will be to implement the Metro-North’s Penn Station Access Plan, which including constructing four new train stations in the Bronx, as well as upgrading Grand Central and numerous other improvements.
Systemwide priority includes $7.1 billion on signal modernization, 1,900 new subway cars, 70 station upgrades, and $2.6 billion on track replacement.
“These proposed investments in our subways and buses have delivered beyond my wildest expectations,” said MTA New York City Transit President Andy Byford.
A much-lauded part of the vision is the Penn Station upgrade which is expected to serve 50,000 riders a day, officials said.
Under the plans, riders across Westchester, including New Rochelle, Larchmont, Mamaroneck, Rye, Port Chester, and Harrison would have a one-seat ride to the West Side of Manhattan for the first time.
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