Port Authority

November 17, 2016

Budget woes and design disagreements cause Port Authority to stall on new bus terminal plans

Just two months ago, West Side elected officials and the Port Authority agreed to move ahead on the 10-year, $10 billion capital project to replace the current Bus Terminal, releasing five design proposals for a new building. But officials at the bi-state agency "have reached an impasse" on the project due to budget concerns and disagreements on the design, reports Crain's.
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Real Estate Trends

September 22, 2016

REVEALED: Port Authority releases five design proposals for new bus terminal

By Dana Schulz

On Tuesday, an agreement was reached between West Side elected officials and the Port Authority that said the agency would expand the planning process for a new $10 billion bus terminal with more local input. And just today they've revealed the five proposals that were submitted to a design competition to replace the currently loathed site. Crain's brings us videos of the ideas, which come from big-name firms Pelli Clarke Pelli Architects, Arcadis, AECOM in partnership with Skidmore Owings & Merrill, Perkins Eastman, and Archilier Architecture Consortium. Though this seems counter to the agreement, John Degnan, the Port Authority's New Jersey-appointed chairman, said he doubts "any one of them will be the final design," since they either further complicate existing planning issues or cost billions over budget.
Take a look at them all here

September 16, 2016

One World Trade Center not for sale after all (at least not yet)

By Dana Schulz

Last week, 6sqft reported that the Port Authority would sell One World Trade Center for up to $5 billion due in part to vacancy issues and the fact that the tower only brought in $13 million in revenue last year, a mere 0.35 percent return on the agency's investment. But Authority chairman John Degnan said yesterday to Politico that "It’s certainly not on the block. We’re not talking to any brokers about it." This doesn't however, mean that the agency has changed its stance that it will one day "divest and monetize in non-transportation-related holdings."
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Uncategorized

September 6, 2016

Port Authority plans to sell One World Trade Center for up to $5B

By Dana Schulz

It's been almost two years since Condé Nast's 3,400 employees moved into One World Trade Center. At the time, only 58 percent of its 3 million square feet of space was leased, but the hope was that the media company's presence and perceived confidence in the $3.8 billion tower would attract more tenants. This didn't quite pan out, as it's still one third empty, and the Port Authority continues to drop $3 million a month to cover Condé Nast's old lease (this amounted to $47.6 million in 2015 alone). Due to these issues, along with the fact that the tower only brought in $13 million in revenue last year-- a mere 0.35 percent return on its investment--the cash-strapped Port Authority has made plans to sell One World Trade Center for as much as $5 billion. As Crain's notes, this would be the highest price ever paid for an office building in the country.
More details ahead

Uncategorized

April 12, 2016

The Port Authority Paid $47.6M in 2015 to Cover Condé Nast’s Move to One WTC

By Dana Schulz

Though the Port Authority of New York and New Jersey would like you to think it's been smooth sailing finding tenants for One World Trade Center, their spending habits say otherwise. As Crain's reported, more than a year after Condé Nast made the big move from 4 Times Square to One World Trade, the agency is still dropping $3 million a month to pay for the old lease. This deal came about in 2011 when the Port Authority offered the incentive to entice the media company to relocate amid floundering activity at the downtown tower. In 2015 alone, they spent $47.6 million, and the payments are expected to continue into 2019 (when the lease ends) unless building owner the Durst Organization can find a new tenant.
More details ahead

Policy

Port Authority Will Hold Opening Ceremony for WTC Transportation Hub After All

Santiago Calatrava: WTC Transportation Hub , New York (Photo: Mega Projects and Skyscrapers, via YouTube)

February 26, 2016

Port Authority Will Hold Opening Ceremony for WTC Transportation Hub After All

By Dana Schulz

On Tuesday, news broke that the Port Authority of New York and New Jersey would not be holding a ribbon cutting ceremony when the World Trade Center Transportation Hub opens next week. They called Santiago Calatrava's project "a symbol of excess." Perhaps feeling the backlash from their decision, the agency sent out a press release yesterday saying that though there will still be no event to mark the opening on March 3rd at 3pm, they will hold a ceremony once the Hub is fully up and running this spring, according to the Wall Street Journal. They credit their change of heart to a desire to thank the thousands of workers who built the station. Additionally, Port Authority Chairman John Degnan said, "It will stand, along with the memorial, museum and the buildings themselves, as a tribute the resiliency of the region."
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February 24, 2016

Poll: Do You Agree With the Decision to Forego a Ribbon Cutting for WTC Transportation Hub?

By Dana Schulz

Yesterday the Port Authority announced that they won’t be holding a ribbon cutting ceremony (or any type of celebratory event, for that matter) to mark the opening of Santiago Calatrava’s World Trade Center Transportation Hub next month. They called the Hub “a symbol of excess” and cited the exorbitant $4 billion price tag as the […]

There Will Be No Ribbon Cutting for the WTC Transportation Hub Opening

Santiago Calatrava: WTC Transportation Hub , New York (Photo: Mega Projects and Skyscrapers, via YouTube)

February 23, 2016

There Will Be No Ribbon Cutting for the WTC Transportation Hub Opening

By Dana Schulz

When the subject of Santiago Calatrava's World Trade Center Transportation Hub comes up, what's most likely to come to mind is not the flying-bird-looking architecture, but the fact that it was so incredibly delayed (it’s six years off schedule) and over-budget (final construction costs ring in around $4 billion in taxpayer dollars, twice what was projected, making it the world’s most expensive train station). The latter is not sitting well with the Port Authority of New York and New Jersey, who oversee the hub, as they've announced that they will not host an event to mark the opening during the first week of March, calling it "a symbol of excess," according to Politico. Similarly, Governors Christie and Cuomo, who control the agency, have declined to commemorate the opening.
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November 5, 2015

Port Authority Mulls Fee for Curbside Access to JFK, LaGuardia and Newark Airports

By Diane Pham

If you're someone who takes advantage of curbside pick up/drop off at NYC's airports as a way to avoid parking fees, that prudent sidestep could soon be coming to an end. CBS reports that the Port Authority is considering access fees as a way to reduce congestion outside airport terminals. Traffic is said to have become a real problem as services like Lyft and Uber have begun using the front of the terminals as prime spots to pick up business. “The operations of For-Hire-Vehicles and taxis at our airports are evolving rapidly and we are in the early stages of review,” the Port Authority noted in a statement. They also added that NYC's airports are one of the very few in the U.S. that do not charge curbside access fees, and where tolls are implemented, car services usually just pass the buck onto riders—meaning services and taxi drivers shouldn't worry about lost fare, but you will be shelling out even more cash to make up the difference when you get in their cars.
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