From left: Vornado Realty Trust Chairman Steven Roth, Patrick Foye, executive director of Port Authority, and 20 Times SquareVornado Realty Trust has abandoned its plan to build a 40-story tower atop the Port Authority Bus Terminal after its Chinese investment partner chose to invest the $600 million earmarked for the tower in another Midtown property, the New York Times reported.
Vornado had been in talks with Port Authority of New York & New Jersey to build the tower at 42nd Street and Eighth Avenue since 1999. The tower would have been designed by Rogers Stirk Harbour & Partners, and included a garden atop the existing four-story terminal. As part of the agreement, the developer was also on the hook for a $400 million renovation of the bus terminal that would have brought 18 new gates to the bus hub. … [more]