Starting today, the Number 1 train will come to a stop at a brand new station, as the long-awaited $530 million South Ferry station opens in Lower Manhattan.

Governor David Paterson and Metropolitan Transportation Authority Executive Director Elliot "Lee" Sander were among the many officials on hand for the official ribbon-cutting ceremony this morning.

The new station, which became fully operational at noon, does not force passengers to be in one of the first five cars to exit the train. All 10 cars now open at the station.

"By Rector Street, there's normally a mad dash to get to those five cars or to figure out whether you're in one of them," said the governor. "And then, eventually, when the train finally reaches South Ferry, some people get off, some people get stranded. At 12 o'clock today, we will retire this unfortunate tradition here in New York State."

There is also be more than one entrance, more than one track, and a free underground transfer to the R, W train at Whitehall Street.

"What we're giving riders today is a portal into the 21st century and transportation fairness," said Congressman Michael McMahon.

The elimination of sharp curves means trains will be able to run faster – speeding up commutes.

"We will see a dramatic improvement in operation," said MTA Capital Construction President Michael Horodniceanu. "We expect to move passengers faster, better and more efficiently."

The station – the first new one in 20 years – is also fully accessible to handicapped passengers.

Another perk for riders, the platforms will be cooled during the summer months.

Straphangers say they cannot wait to start using the new station.

"This used to be the greatest deal in the city, the Staten Island ferry, now they're opening the subway station," said one subway rider. "You can't beat that."

"On the weekends, I visit friends and family and so I use the 1 train a lot to go on Broadway, so I'm excited," said another.

The project was completed two years late and $130 million over budget. Plans to open the station in January had to be pushed back after inspectors found the gap between the cars and platform was too wide.

"The station is on a curve. That resulted in a gap in excess of three inches," explained Horodniceanu. "They were addressed, and cheaper than we thought. We did it with a lot of labor in house."

Horodniceanu said any previous problems with water leaks have also been dealt with.