Second Avenue Sagas blogged about this nearly two years ago and I linked to the story back then (as well as lifting this rendering just now). This would be a major improvement for Brooklynites bound for the East Side.
This may not be on MTA Capital Construction's Major Projects list, but projects like this have a tremendous improvement on quality of life . . . a few minutes a day for hundreds or thousands of people adds up to a lot more happiness in the world.
The thrust of the Daily News article today is on the temporary inconvenience to area merchants, but that shouldn't overshadow the ongoing benefit the riders will see from this connection.
Other station transfers to create would be:
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• Between Jay St–Borough Hall and Court St–Borough Hall to connect the A, C, F to the 2, 3, 4, 5, M, and R. A real godsend to the F train riders trying to get to the Financial District or the East Side. This would require opening up Willoughby St whose numerous businesses and public servants might have a fit. As a side effect, this transfer might actually make Lawrence St (M, R) redundant as a station.