Well, our jobs just got a lot harder.
The Times‘s Charles Bagli, dean of the development beat, filed his second story today since mid-June, when he went on book leave—he is working on a tome about the rise, fall and rise of Stuyvesant Town. The last article he wrote was about 9/11, a date almost every reporter in the city was compelled to weigh in on, but otherwise nothing.
Today, he files a typical read-em-and-weap bombshell about the death of Vornado’s decades-long Port Authority Terminal tower. The Observer reached out to Mr. Bagli and he indeed confirmed that this was not simply a scoop too good to sit on but that he was indeed very much back on the job. And so being beaten to the punch shall resume.
But last week, the developer, Vornado Realty Trust, told the Port Authority of New York and New Jersey that it had lost its Chinese investor and could not proceed with the 40-story tower over the north wing of the bus terminal, at the corner of 42nd Street and Eighth Avenue.
As a result, the on-again, off-again project may finally be dead. [snip]
Vornado was not prepared to proceed by itself. The real estate market has regained some momentum since the recession, but lenders remain skittish.
“Vornado informed the Port Authority of this recent development,” Patrick J. Foye, the authority’s executive director, said on Monday. “I expect to sit down with Vornado shortly.”
King Kong Bagli has felled another building.