According to Newsday the Feds are going to sell the Farley Building to the State of New York for the "new" Penn Station at a cost to the state of $230 million. The article from Newsday can be found here.
The only thing I don't like about this "new" Penn Station is the 10 story glass wall that's to stick up out of it and the modern appearance. I rather see an old fashion set up with wooden benches, brass fixtures, and marble floors.