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A view of the entrance of the Moynihan Train Hall of Penn Station on its opening day on Jan. 1, 2021 in New York City. Roy Rochlin/Getty Images

Remember the grungy escalators at New York's Pennsylvania Station that bear you down to the even-grungier plaza where you can catch trains from Amtrak and the Long Island Railroad? They're still there.

Yes, but: So is this splendid new way to reach those trains. The Daniel Patrick Moynihan Train Hall opened Jan. 1, the culmination of three years' construction, $1.6 billion, and decades of Sturm und Drang over the endlessly flagellated decision in the 1960s to knock down the original Penn Station.

  • "The destruction of the station was a turning point in New York’s civic life," the New York Times notes. "It prompted a fierce backlash among defenders of the city’s architectural heritage, the creation of the Landmarks Preservation Commission and renewed efforts to protect Grand Central Terminal."

The bottom line: Moynihan Train Hall is actually adjacent to Penn Station — it's located across Eighth Avenue, in the James A. Farley Building, where the late New York Senator Daniel Patrick Moynihan suggested moving the entire rail station in what seemed like a farfetched idea in the 1990s.

Inside the Moynihan Train Hall in the James A. Farley Building, which also holds the former Central Post Office. Farley, who was considered New York's top Democratic boss in the early 1940s, helped FDR get elected president. Roy Rochlin/Getty Images.

Go deeper

Fed chair says low interest rates aren't driving stock market prices

Jerome Powell. Photo: ANDREW CABALLERO-REYNOLDS / Getty Images

Federal Reserve chairman Jerome Powell told reporters on Wednesday that rock-bottom interest rates aren't playing a role in driving stock prices higher, while noting that vulnerabilities to the financial system are "moderate."

Why it matters: The statement comes amid unshakeable stock prices and a Reddit-fueled market frenzy — prompting widespread fears of a bubble and the role monetary policy has played in that.

2 hours ago - World

Biden freezes U.S. arms deals with Saudi Arabia and UAE

Trump struck several large arms deals with Mohammed bin Salman (L) and Saudi Arabia. Photo: Kevin Dietsch-Pool/Getty Images

The Biden administration has put on hold two big arms deals with Saudi Arabia and the United Arab Emirates which were approved in the final weeks of the Trump administration, a State Department official tells Axios.

Why it matters: The sales of F-35 jets and attack drones to the UAE and a large supply of munitions to Saudi Arabia will be paused pending a review. That signals a major policy shift from the Trump era, and may herald sharp tensions with both Gulf countries.

Dan Primack, author of Pro Rata
2 hours ago - Podcasts

Robert Downey Jr. launches VC funds to help save the planet

Robert Downey Jr. on Wednesday announced the launch of two venture capital funds focused on startups in the sustainability sector, the latest evolution of a project he launched two years ago called Footprint Coalition.

Between the lines: This is a bit of life imitating art, as Downey Jr. spent 11 films portraying a character who sought to save the planet (or, in some cases, the universe).