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Old August 6th, 2011, 06:14 AM   #121
RobertWalpole
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Vornado didn't have the financing to meet the Port Authority's demands. That's why they made the low ball offer and that's why the deal is in jeopardy. Otherwise the PA would have simply taken that offer. Vornado is seeking a loan on a tower in San Francisco. If that goes through, they may bring something more to the table than some Chinese investor.
Vornado does have the financing from the Chinese. Steve Roth is infamous in NY for his Shylock-style bargaining. His agreement is to pay the PA $500, and he's trying to squeeze them to take less.
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Old August 6th, 2011, 06:28 AM   #122
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Vornado does have the financing from the Chinese. Steve Roth is infamous in NY for his Shylock-style bargaining. His agreement is to pay the PA $500, and he's trying to squeeze them to take less.
No doubt but according to the article, he's still soliciting investors for this tower and he doesn't have a tennant lined up. No wonder he low-balled! The fact that the PA didn't just agree to the offer so they could tear out those nasty bathrooms suggests there may be another bidder on the other line...
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Old August 6th, 2011, 06:36 AM   #123
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If the deal falls through, other developers will line up to handle this, and the Chinese investor will probably pair with them (unless they have other funding). Steve Roth is very scummy.
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Old August 6th, 2011, 06:45 AM   #124
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If the deal falls through, other developers will line up to handle this, and the Chinese investor will probably pair with them (unless they have other funding). Steve Roth is very scummy.
Yep. I really have to believe that after all these years and in this iffy economy, the Port Authority would have already just said "f*ck it" and taken the offer if there wasn't somebody else interested. I'm sure the Dursts would take a whack at this one.
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Old August 6th, 2011, 07:06 AM   #125
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Yep. I really have to believe that after all these years and in this iffy economy, the Port Authority would have already just said "f*ck it" and taken the offer if there wasn't somebody else interested. I'm sure the Dursts would take a whack at this one.
Without a doubt, as would Related and many other developers. There are a lot of law firms, for example, that are looking for 300-500k sf of space and that want to anchor and building and have their name on it like Proskauer did at 11Times Sq. This relatively small 1.3 m sf tower would be ideal for that.
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Old October 21st, 2011, 05:38 AM   #126
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Vornado's agreement with the PA was extended. Hopefully, they'll build on spec with their Chinese partner.

http://www.panynj.gov/press-room/pre...adLine_id=1478
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Old November 15th, 2011, 05:42 AM   #127
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I don't lament this at all for two reasons. Firstly, I'd rather see a big tenant sign on to Related's north tower at the Yards. Secondly, Vornado has the shortest of the three proposals. I'd rather see a new, taller and less conventional design down the road.

http://www.nytimes.com/2011/11/15/ny...1&ref=nyregion

"Plan for Bus Terminal Tower Is Dropped"

By CHARLES V. BAGLI

Published: November 14, 2011

For more than a decade, a prominent New York developer has sought to build a glass skyscraper over the Port Authority Bus Terminal, transforming an eyesore at the west end of Times Square into an architectural showpiece....
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Old November 15th, 2011, 06:06 AM   #128
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And The PANJNY's dismal record of leveraging their real estate portfolio for transit improvements continues...
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Old August 4th, 2012, 01:30 AM   #129
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With New Tenants, PABT Retail Gets An Upgrade


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NEW YORK CITY-In an effort to revitalize the facility and improve amenities for commuters, the Port Authority of New York & New Jersey gave two national retailers the green light for space inside the aging Port Authority Bus Terminal at 42nd Street and Eighth Avenue in Midtown Manhattan at a public meeting on Aug. 1. The Port Authority Board of Commissioners approved retail leases for Starbucks and PNC Bank, a Port spokesman confirms to GlobeSt.com.

According to a resolution from the Port, Starbucks inked a deal for approximately 2,165 square feet on the ground floor of the terminal’s south wing for a 10-year term and will invest approximately $1 million over the next four months to build its new store. On the other side of the building, PNC Bank is leasing 4,910 square feet of space located on both the ground level and second floor of the north wing, with another 150 square feet for ATMs on the ground floor of the south wing. Under its lease agreement with the Port Authority, the bank will invest more than $3 million in terminal improvements. Both deals were brokered by Vornado Realty Trust.

The new tenants are the latest businesses to set up shop in the bus terminal since the bi-state agency began discussions to revamp and make improvements to the facility. Earlier in the year, the Port also approved a three-year, 2,774 square foot deal for Discovery LLC, which will house the Cake Boss Café, an offshoot of the famed Carlo’s Bakery in Hoboken, and a 20-year lease renewal for pharmacy retail chain Duane Reade in the south wing. As part of these lease deals, Discovery will invest $2 million toward the store, and Duane Reade will plunk down $2.7 million toward infrastructure enhancements. Existing tenants at the PABT include Jamba Juice, Au Bon Pain, Bolton's, Strawberry and Heartland Brewerty Restaurant.

Port Authority vice chairman Scott Rechler, also CEO of RXR Realty, says the Port’s efforts to attract top shelf tenants to the PABT are paying dividends, both for the customers who use the facility every day and for the agency. “All of our new tenants are investing private dollars to enhance the appearance of this transportation facility, supporting critical improvements to this vital transportation hub that serves 7,000 buses daily,” he says.

The terminal – which serves 64,550,000 passengers and 2,263,500 bus movements – is also experiencing steady increases in ridership. Chris Ward, the former executive director at the Port, said at a New York Building Congress event last year that more people are coming into the city by bus than by rail to the central business district, citing a 42% rise in bus travel over the last 25 years between New York and New Jersey.

At the same time, a joint venture between the Port and Vornado to construct a 1.3-million-square-foot class A office tower atop the facility was put on pause due to the city's sluggish office market in late 2011.
With law firms (and Microsoft) flooding into the area, could this tower get a reboot?
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Old August 4th, 2012, 06:31 AM   #130
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Something will be constructed there eventually, but it will take a while. The only thing that I could see going there ASAP is a hotel with a rental tower component.
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Old May 9th, 2013, 12:49 PM   #131
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- Cancelled -

Deal fell through and no new developer or request for proposals has been forthcoming.

The Port Authority really needs the money from a development deal but the office market in NYC is terrible. On the bright side, tech firms are flocking to the area so if other buildings fill up, this opportunity may come back around. But for now, the balcony is closed.


-----------------------------------------------------------------------------------------------------------------------------------------------------------------

2014: Port Authority "in negotiations with private party" for air rights.

Quote:
The Port Authority Bus Terminal (PABT) is situated in one of the fastest- growing and most dynamic real estate markets in New York City. To support development of the surrounding area and generate revenue and funding sources needed to support bus terminal upgrades, the agency is in discussions with a private entity to lease the air rights above the PABT.

The proposed air rights development would add approximately 1.3 million square feet of first-class office space to the terminal, improve the efficiency and quality of transportation, enhance pedestrian and bus passenger circulation, and upgrade the retail space.

http://www.panynj.gov/real-estate-development/


20140926-20 by A Film, on Flickr
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Last edited by desertpunk; September 30th, 2014 at 11:45 PM.
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