Commercial Stat of the Week
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.
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.
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, Read More
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.
It has now taken Steve Roth a dozen years and almost as many extensions to keep his plans for a tower atop the Port Authority Bus Terminal alive. But with a deadline approaching Sunday to finalize a deal, The Journal reports that Vornado and the Port Authority are still far from a terminal tower agreement.
Despite the recession, the Related Companies, the luxury apartment giant run by Miami Dolphins owner Stephen Ross, is pressing ahead with a 59-story rental/condo/hotel tower on 42nd Street and 10th Avenue.
In October 2008, Related laid out its plans for this lovely block by the entrance ramps to the Port Authority Bus Terminal, announcing that Read More
Vornado’s ballyhooed vision for atop the Port Authority might not materialize. Read More
High-octane law firm Paul, Weiss, Rifkind, Wharton & Garrison is in negotiations with Vornado Realty Trust to occupy space in the skyscraper that the real estate giant plans to build on top of the Port Authority Bus Terminal.
A source close to the negotiations said that the law firm, which now occupies 400,000 square feet Read More
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