But not the new station.
The MTA (which runs the subway) has announced that they will reopen the original 1905 South Ferry loop subway station during the first week of April 2013. The loop station was closed in March 2009 when a brand new station (which can handle 2 full 10 car train) was opened under it.
The new station was pretty much wreaked due to flood waters from Hurricane Sandy and it is estimated that it will take 3 years to rebuild. The flood waters actually reached from the tracks up to the street exit in one spot.
At the present time #1 trains operate only to Rector St, leaving a 9 block walk to South Ferry//Staten Island Ferry.
When the old loop station reopens, passengers for South Ferry will have to ride in the 1st 5 cars of the train as the platform is only long enough for 5 cars. Passengers in the rear cars will be given a chance to walk on the platform at Rector St to get to the front 5 cars. (It is illegal to walk thru the train except in an emergency or as directed by the train crew or police/fire. There will be signs in each car advising passengers).
In additional there will be a passageway at the front of the platform to allow for a free transfer to the R train (Whitehall St-South Ferry station).
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But not the new station.