China-based retail developer Soho China has agreed to invest between $500 million and $700 million with Vornado Realty Trust to kick-start development of an office tower over the Port Authority Bus Terminal, Crain’s reported. With a deal giving Vornado and partner Lawrence Ruben the rights to build over the terminal set to expire next month, the partners are at a critical juncture in negotiations with the Port Authority of New York & New Jersey, the site’s owner.
Vornado and Ruben were selected by the Port Authority to develop the tower in 2000 but the project has been delayed multiple times as a result of the economic downturn, Crain’s said. An extension of the deal was granted last year…. [more]