A joint venture between New York City-based Turner Construction and Australian builder LendLease submitted the winning proposal for the project, according to Empire State Development, which owns the convention center.
Empire State Development also unveiled new renderings of the project.
The expansion will include 90,000 square feet of new, permanent exhibit space, 45,000 square feet of “state-of-the-art” meeting room space, a 55,000-square-foot ballroom, and a green roof terrace and pavilion for outdoor events, among other upgrades.
When Gov. Andrew Cuomo announced plans for the expansion last year, he indicated it would cost around $1 billion. Empire State Development has since put a $1.5 billion price tag on the project.
The state's commitment to providing $1 billion was based on early estimates for the "hard construction costs" of the project, which ultimately came in at $1.2 billion, an ESD spokeswoman said Wednesday.
Other "standard" costs including those for management and insurance bumped that figure to $1.5 billion, $1 billion of which will still come from the state, she said.
The remaining costs will be covered by bond financing through the Javits Center, she added.