By Matt Chaban 4/26/12 11:38am

Machers

Would you live here? (Bing Maps)

Silverstein Beats Vornado to the Port Authority Punch Again, Proposes New Bus Terminal on West 39th Street

Correction: A reader points out that this is simply a bus garage, not a bus station, and the Port Authority Bus Terminal would remain in operation. The Observer regrets the error.

The Port Authority has been desperate to replace its eponymous bus terminal near Times Square for at least a decade now. Vornado Realty was supposed to build a new office tower atop the terminal, which it would rebuild in the process, but after years of planning, that proposal collapsed.

Now, it turns out Larry Silverstein has quietly floated a plan to build a new terminal on West 39th Street, according to Crain’s, near the mouth of the Lincoln Tunnel, atop which Mr. Silversterin would build a new residential building. Read More

By Robert Sammons 1:00pm

Commercial Stat of the Week

Times Square - November 2011

Stat of the Week: 10.7 Percent

The Times Square vacancy rate, as befitting this carnival-like submarket, has been on a bit of a roller coaster ride during the past few years. The figure, including direct and sublet availability, dipped to a record low 3.2 percent back in December 2006 then climbed to 15 percent by February 2010—before diving back to 8.8 percent in August of this year.

The latest figure shows it climbing to yet another peak, closing this past October at 10.7 percent. Read More

By Matt Chaban 8/08/11 3:41pm

Towering Ambition

Air rights sold to develop 1.3 million square feet

Interminable Debate Over Vornado’s Terminal Tower

Sunday came and went, and still there is no deal for Vornado’s Port Authority Bus Terminal tower. It has been a dozen years since Vornado was tapped to build the thing, and while the developer was poised to get to work in 2007, those plans collapsed along with the economy. The deal was set to expire this weekend, but the Port Authority has granted Vornado yet another extension to come up with a plan to make both sides happy. Read More

By Matthew Schuerman 9/18/07 5:18pm

Bus Terminal Passage To Be Reopened

The West 41st Street passage that bisects the Port Authority Bus Terminal will reopen to traffic again starting tomorrow, marking the end of roughly $100 million in security measures, including stronger exterior columns and a reinforced parking structure. The street, which runs at grade but is covered by part of the station, has been closed Read More