The news that Vornado will build a skyscraper on top of the Port Authority Bus Terminal, can only be good for the folks at The Times.
Arthur Sulzberger Jr. was roundly criticized for selling the old Times headquarters at 229 West 43rd Street too early (he sold it for $175 million in 2004; it sold this year for $525 million). But since then, Eighth Avenue has quickly become the new home of the Manhattan skyscraper.
With Vornado closing a deal with the Port Aurthority, the unsightly bus terminal that sits across from The Times will get scrubbed up, with a big building on top of it. Meanwhile, SJP Properties is building a new skyscraper right next door, and Mort Zuckerman is building two skyscrapers farther north on Eighth Avenue.
All that activity will only mean higher rents for 620 Eighth Avenue, and will likely give The Times with more options — like subleasing a floor here or there — if they ever need a few extra dollars.