The Metropolitan Transportation Authority released an update Monday on the repairs being made at the Hurricane Sandy-ravaged South Ferry station.
During the 2012 storm, 14 million gallons of water poured into the station, wiping out critical equipment in a $527 million station that had opened three-and-a-half years earlier.
On Monday, the MTA said it hopes to have the station back in service by late 2016.
The full cost of restoring the station had previously been set at $600 million, but officials say it may turn out to be less.
In its absence, the old South Ferry station was pressed back into service six months after the storm.
Riders on the 1 train have to be on the first five cars in order to exit onto the platform at the old South Ferry station.