The Real Deal New York

Posts Tagged ‘port authority’

  • Larry Silverstein and a rendering of 3 World Trade Center

    Larry Silverstein and 3 World Trade Center

    The sale of $1.8 billion in bonds for 3 World Trade Center has been approved, following a year-long delay after the Port Authority of New York & New Jersey hesitated to guarantee the debt.

    Developer Larry Silverstein is issuing the tax-exempt bonds through New York’s Liberty Development Corp., a subsidiary of New York state’s economic development agency, and Goldman Sachs Group will manage the sale, Bloomberg News reported. [more]

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  • Trump eyes vacant JFK terminal for hotel

    September 25, 2014 08:30AM
    Donald Trump and JFK Airport's TWA terminal

    Donald Trump and JFK Airport’s TWA terminal

    The Donald is eyeing JFK Airport’s TWA terminal as a potential site for a new hotel. [more]

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  • Extell's development site at 429 West 36th Street

    Extell’s development site at 429 West 36th Street

    Gary Barnett’s Extell Development Corp. is looking to buy at least $30 million worth of air rights from the Port Authority of New York & New Jersey for a residential development site it owns in the Hudson Yards neighborhood, according to agency documents.

    Extell owns three properties between Ninth and 10th Avenues on the far West Side running block-through from 36th to 37th streets along Dyer Avenue, the sunken roadway that snakes from the Lincoln Tunnel to 30th Street. Extell’s site is surrounded by a number of hotel and residential developments in the booming neighborhood just north of the Related Companies’ and Brookfield Office Properties’ large, mixed-use projects. [more]

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  • From left: David Emil, WTC Tower 5 location and Scott Rechler

    From left: David Emil, WTC Tower 5 location and Scott Rechler

    The development of the 5 World Trade Center site could remain stalled for years due to a dispute between the Port Authority of New York and New Jersey and the organization charged with rebuilding Downtown Manhattan following the Sept. 11 attacks. [more]

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  • jfk

    From left: Related’s Jeff Blau, Andre Balazs and TWA terminal at JFK Airport

    The Port Authority of New York and New Jersey is moving ahead with plans to redevelop the former TWA terminal at the John F. Kennedy Airport as a hotel, after hotelier Andre Balazs backed out earlier this year. [more]

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  • TWA terminal at JFK International Airport (pheezy via Flickr)

    TWA terminal at JFK International Airport (pheezy via Flickr)

    The Port Authority of New York and New Jersey is taking another crack at transforming the historic  TWA terminal at JFK International Airport into a thriving hotel. [more]

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  • John F. Kennedy International Airport

    John F. Kennedy International Airport

    New York’s three major airports are missing out on funding from the government, according to survey from Global Gateway Alliance. [more]

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  • 1-wtc

    1 WTC and construction work on tower (Credit: Port Authority of New York & New Jersey)

    The owner of DCM Erectors, a construction firm working on 1 World Trade Center and the $3.4 billion transportation hub, was charged with criminal fraud yesterday.

    Larry Davis, who owns the steel-work contractor, has been accused of falsely claiming he was adhering to requirements for hiring female and minority subcontractors in order to fraudulently obtain about $76 million, according to the New York Times. Davis allegedly used phony business records and work orders to make it appear that he was complying with the Port Authority of New York & New Jersey’s hiring rules. [more]

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  • From left: Douglas Durst and 1 WTC

    From left: Douglas Durst and 1 World Trade Center

    The Durst Organization is facing pressure at One World Trade Center. [more]

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  • Port Authority Bus Terminal

    Port Authority Bus Terminal

    The Port Authority of New York and New Jersey will spend $90 million on repairs to its Midtown bus terminal. [more]

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  • LaGuardia Airport

    LaGuardia Airport

    The selection of a bidder to head the $3.6 billion overhaul of LaGuardia Airport’s main terminal has been delayed until September. [more]

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  • Dermot 33rd site

    From left: Dermot’s William Dickey and the 33rd Street development site

    The Dermot Company is planning a high-rise residential tower for the Hudson Yards development site it won in a Port Authority auction announced in February. And the developer, which snagged the site with a bid of $115 million, has chosen the firm that drew up the master plan for the West Side rail yards development to design the building. [more]

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  • From left: Port Authority Bus Terminal and interior

    From left: Port Authority Bus Terminal and interior

    The Port Authority Bus Terminal is getting $90 million for upgrades and improvements, marking the first major investment in the transportation hub in more than three decades. [more]

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  • Erik Horvat

    Erik Horvat

    Erik Horvat, 42, director of World Trade Center redevelopment at the Port Authority of New York and New Jersey, is leaving to pursue a job in the real estate industry.

    Horvat is joining Fosun International, a Chinese conglomerate. He will work on establishing a platform to invest in New York City real estate and manage its operations in New York. Fosun bought One Chase Manhattan Plaza for $725 million last year. Horvat’s first assignment will be renovating and leasing that 60-story, 2.2 million-square-feet building. [more]

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  • durst-1wtc

    From left: 1 World Trade Center and Douglas Durst

    With three recent leases, the Durst Organization and the Port Authority seem to be breaking out of a three-year slump to fill One World Trade Center.

    The first new tenant after the dry spell was KiDS Creative, followed by BMB Group, a London-based wealth management company. Legends Hospitality is setting up its headquarters in the building and will also run One World Trade Center’s 1,766-foot-high observatory.

    In total, this brings us to seven tenants who have signed to lease in the 3 million-square-foot building and more potential deals are in the works. [more]

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  • Larry Silverstein and rendering of 3 World Trade Center

    Larry Silverstein and 3 World Trade Center

    Developer Larry Silvestein is telling real estate executives that he remains optimistic about the Port Authority’s ultimate guarantee of a $1.2 billion construction loan to complete 3 World Trade Center. But in the wake of the agency’s decision to yet again delay voting on the subsidy, Silverstein is working on lining up financing from possible backup lenders.

    The prospective suppliers of capital include a financial institution, an insurance company, and a nontraditional lender such as SL Green Realty or private equity firm Blackstone Group, the New York Times reported. [more]

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  • From left: Scott Rechler, a rendering of 3 World Trade Center and Larry Silverstein

    From left: Scott Rechler, a rendering of 3 World Trade Center and Larry Silverstein

    The Port Authority of New York & New Jersey yet again tabled a vote on whether to provide a $1.2 billion subsidy for Silverstein Properties’ development of 3 World Trade Center. The decision to stall appears to be triggered by a lack of support for the aid package. The lack of action may also mean that Larry Silverstein will now have to turn to the private sector to help him fund construction of the $2.4 billion tower. [more]

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  • From left: Jersey City Mayor Steve Fulop, the Journal Square Transportation Center and the Port Authority Bus Terminal

    From left: Jersey City Mayor Steve Fulop, the Journal Square Transportation Center and the Port Authority Bus Terminal

    Jersey City is suing the Port Authority of New York and New Jersey, alleging the bi-state agency owes back taxes on dozens of properties it owns across Jersey City. [more]

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  • port-authority-rxr

    From left: John Degnan and Scott Rechler

    Port Authority of New York & New Jersey vice chair and RXR Realty CEO Scott Rechler was among those appointed to a new “special panel” that will advise on agency reforms.

    New York Governor Andrew Cuomo and New Jersey Governor Chris Christie jointly released a letter to the Port Authority board of commissioners yesterday on the new committee. They also said that the bistate agency’s management might soon be split up — rather than dividing the ownership of assets — Crain’s reported. [more]

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  • From left: Scott Rechler, rendering of 3 World Trade Center and Larry Silverstein

    From left: Scott Rechler, rendering of 3 World Trade Center and Larry Silverstein

    The Port Authority of New York and New Jersey is angling for an ownership stake in 3 World Trade Center as part of an agreement to grant a $1.2 billion construction loan to Silverstein Properties. [more]

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