The Real Deal New York

Posts Tagged ‘port authority’

  • From left: A rendering of 3 World Trade Center, Scott Rechler and Kenneth Lipper

    From left: A rendering of 3 World Trade Center, Scott Rechler and Kenneth Lipper

    The Port Authority of New York and New Jersey is set to delay by a month a vote on whether or not to pledge a further $1 billion for Silverstein Properties’ 3 World Trade Center tower in Lower Manhattan. Officials were to meet this afternoon to decide on the fate of the controversial proposal, which would see the authority raise its financing guarantee to $1.2 billion from the current $200 million. [more]

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  • From left: Sheldon Silver, Margaret Chin, Daniel Squadron, 3 World Trade Center and Larry Silverstein

    From left: Sheldon Silver, Margaret Chin, Daniel Squadron, 3 World Trade Center and Larry Silverstein

    A gaggle of high-powered pols from New York and New Jersey are pushing for approval of $1.2 billion in loans to build Silverstein Properties’ 3 World Trade Center. [more]

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  • Renderings of 3 World Trade

    Renderings of 3 World Trade

    The Port Authority of New York and New Jersey’s real scandal isn’t the lane-closing on the George Washington Bridge — it is a decades-long practice of diverting the body’s funds into real estate investments, according to New York Times columnist Joe Nocera.

    The Port Authority, Nocera wrote yesterday, is charged with improving transportation infrastructure in both states. Yet tolls creep up while needed funds are funneled into real estate projects like the World Trade Center, which claimed at least $7.7 billion in the rebuilding of the area around Ground Zero after Sept. 11. An additional $4 billion “went to an over-the-top PATH station,” Nocera opined, while another $3.3 billion went to the building of One World Trade Center. [more]

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  • port-authority

    From left: Scott Rechler, Kenneth Lipper and 3 World Trade Center

    The Port Authority of New York & New Jersey is set to vote Wednesday on providing a $1.2 billion subsidy for Silverstein Properties’ development of 3 World Trade Center.

    Kenneth Lipper, one of the commissioners, has been leading the opposition to the subsidies, and could spur several “no” votes, which is relatively uncommon at the agency. Some industry players say the proposed 80-story tower should be put on hold until Silverstein can finance it privately. Under the deal, the agency would back the loans that Silverstein would arrange and be responsible for.  [more]

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  • From left: Carol

    From left: Carol Kellermann, Martin Robins and Scott Rechler

    A special oversight committee for the Port Authority of New York and New Jersey will convene publicly for the first time next week to glean suggestions for reform.

    The committee was formed earlier this year to evaluate the agency, which has been hit by political scandal in recent days, as previously reported. The effort to include the public is seen as a step towards making the two-state operation more transparent amid quarrels over spending on large-scale developments like the World Trade Center complex redevelopment. [more]

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  • Port Authority commissioner resigns

    April 15, 2014 11:41AM
    A revamped World Trade Center and Anthony Sartor (inset)

    A revamped World Trade Center and Anthony Sartor (inset)

    Anthony Sartor, commissioner of the Port Authority of New York and New Jersey, resigned Monday amid investigations following the George Washington Bridge closure scandal. [more]

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

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

    The Port Authority of New York and New Jersey has more to gain than lose by loaning Silverstein Properties more money to construct 3 World Trade Center, according to an unsigned editorial. [more]

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  • Larry Silverstein and a rendering of 3 World Trade Center

    Larry Silverstein and a rendering of 3 WTC

    A booming commercial real estate scene Downtown is both the popular argument for and against Larry Silverstein’s quest for a $1.2 billion loan guarantee from the Port Authority.

    Proponents say the cash infusion, which Silverstein would use to build 3 World Trade Center, would restore the last corner of space destroyed in the Sept. 11 attacks and stick the final jewel in the crown of the area’s recent rebirth. The 2.5 million square foot building would quickly be filled with tenants, they argue. [more]

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  • 1-wtc-rend

    One World Trade Center (Inset: David Velazquez and Louis Freeh)

    The Durst Organization, in charge of security at One World Trade Center, has tapped Freeh Group International, a firm headed by former FBI director Louis Freeh, to help beef up security at the building. The move follows a recent security breach, which saw a 16-year-old boy manage to sneak up to the rooftop of the building to take photographs. [more]

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  • From left: Chris Ward, Patricl Foye and Chris Christie

    From left: Chris Ward, Patricl Foye and Chris Christie

    Current and former leaders of the Port Authority of New York and New Jersey didn’t show much enthusiasm this week for Governor of New Jersey Chris Christie’s suggestion that the agency be split between states. [more]

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  • bus-terminal

    625 Eighth Avenue

    The Port Authority of New York and New Jersey plans to construct an expanded terminal in Hell’s Kitchen that would handle 100 extra buses.

    The $400 million Galvin Plaza Bus Annex project would open on West 39th Street between 10th and 11th Avenues by 2020. About 233,000 passengers currently use the bus terminal daily. The annex would accommodate an additional 30,000 passengers. The agency applied for a Federal Transit Administration grant to fund $230 million of the expenses related to an enclosed bus parking facility that’s part of the project. [more]

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  • laguardia

    Rendering of LaGuardia Airport expansion (Credit: Neoscape)

    The Port Authority of New York and New Jersey is currently reviewing requests for proposals for the LaGuardia Airport renovation, a $2.4 billion project that is expected to be done by 2021. The agency hopes to announce an approved development plan in the next few weeks.  [more]

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  • From left: Governor Andrew Cuomo, Port Authority Bus Terminal and Governor Chris Christie

    From left: Governor Andrew Cuomo, Port Authority Bus Terminal and Governor Chris Christie

    In the wake of Bridgegate, a special oversight committee is probing the possible need for a rethink of the way the Port Authority of New York and New Jersey conducts business, revamping the process for deciding how toll and airport revenue is spent on infrastructure projects like the World Trade Center PATH hub. [more]

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  • 3-wtc

    3 World Trade Center, Scott Rechler and Kenneth Lipper

    The Port Authority of New York and New Jersey board of commissioners are butting heads over subsidies for 3 World Trade Center, the 80-story, $2.3 billion tower in the Financial District. The project is currently stalled.

    Developer Larry Silverstein and Port Authority’s vice chair, Scott Rechler, are pushing for the subsidies that they said would allow for construction on the 16-acre site to be completed. The plan would provide as much as $1.2 billion in construction loans. [more]

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  • high-line

    High Line’s final phase (Credit: Chelsea Now)

    Donald Trump mentions “late, great” Jimmy Carter in CPAC speech. Port Authority board member Jeffrey Moerdler talks Bridgegate and his friendship with Eliot Spitzer. A peek at the final phase of the High Line. Read these stories and more after the jump.

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  • From left: NYPD Commissioner Bill Bratton

    From left: NYPD Commissioner Bill Bratton

    Dialogue about the direction of security plans for the World Trade Center area appears to be opening up, as the New York City Police Department’s new commissioner Bill Bratton takes a different tack than his predecessor. [more]

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  • airport-port-authority

    Port Authority vice chair Scott Rechler and Terminal 3 at JFK Airport in Queens

    The Port Authority of New York and New Jersey earmarked $8 billion of its 10-year capital budget to extensively renovate its airports. [more]

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  • Larry Silverstein and 3 World Trade Center renderings

    Larry Silverstein and 3 World Trade Center renderings

    Larry Silverstein is asking the government to cut him a better financing deal at Silverstein Properties’ unfinished 3 World Trade Center. Executives at the development giant told government officials the firm needs more favorably-structured municipal bond financing to resume construction on the 80-story, 2.5 million-square-foot Lower Manhattan tower. [more]

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  • WTC fence to come down after 13 years

    January 27, 2014 08:38AM
    The fence at the World Trade Center site

    The fence at the World Trade Center site

    A fence that has cordoned off the World Trade Center site from the rest of Downtown for the past 13 years is set to come down – at least partially – in 2014. The move will allow visitors to the 9/11 Memorial to move freely between the memorial and the neighborhood, according to Joe Daniels, president of the National September 11 Memorial & Museum. [more]

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  • From left: Governor Chris Christie, Lieutenant Governor Kim Guadagno

    N.J. Governor Christie and Lieutenant Governor Guadagno

    New Jersey’s lieutenant governor, Kim Guadagno, denied she withheld hurricane aid to Hoboken, N.J., to pressure Mayor Dawn Zimmer to approve a commercial redevelopment by a firm connected to her boss at a press conference in the Garden State today.

    Zimmer accused Guadagno, second in command to embattled Governor Chris Christie, and a top community development official of denying her the funds she needed to rebuild after Hurricane Sandy because she wouldn’t sign off on a three-acre project proposed by Manhattan-based developer the Rockefeller Group in Hoboken. [more]

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