From left to right standing: Daren Hornig, Metropolitan Realty; Jeffrey Moerdler, Mintz Levin & PA Commissioner; Harry Dublinsky, Eisner Amper; Ken Weissenberg, EisnerAmper; and Michael Morris, EisnerAmper. Seated from left: Patrick Foye and Jordan Heller, Heller Wealth.

It is no secret that before coming under government auspices, much of New York’s essential infrastructure was built with private funds. But with state and local budgets under increasing strain, Patrick Foye, executive director of the Port Authority of New York and New Jersey, explained that private capital will dominate future PA developments.

“We are in a new era of public-private partnerships,” Foye told a room full of bankers and real estate investors who gathered this week for a dinner at the MetLife Building’s Café Centro, hosted by the accounting and consulting firm EisnerAmper. [more]

Former Deutsche Bank building

The deal struck to resume construction at the 9/11 museum garnered headlines earlier this week, but the biggest byproduct of that agreement may be in the development of a high-rise residential building at the former Deutsche Bank building site. The transaction had the Port Authority of New York & New Jersey turning over ownership of eight acres of the 16-acre World Trade Center site, which include the museum and the memorial, in exchange for “Site 5,” better known as the land that once held the Deutsche Bank building at 130 Liberty Street, Reuters reported.

That swap fulfills an earlier agreement made in 2006 that was delayed by the political standoff at the museum. Now the land must be traded within the next six months. [more]

The World Trade Center

The Port Authority of New York and New Jersey set aside $7.7 billion for construction at ground zero following the 9/11 terror attacks. But with the 11th anniversary of the attacks approaching and with the World Trade Center again prominent in the New York skyline, it has become apparent that the Port Authority’s investment in the World Trade Center has left other parts of the city’s infrastructure crumbling, the Wall Street Journal reported. [more]

From left: President Obama, Jets' Nick Mangold, astronaut Buzz Aldrin and the 25th floor of 1 WTC (building credit: Curbed)

If you want to gawk at the global elite in New York, skip the front rows of Madison Square Garden, don’t bother making reservations at Nobu and avoid stalking VIP rooms behind velvet ropes in the Meatpacking District. Instead, simply take a trip to 1 World Trade Center.

According to the Wall Street Journal, touring the rising tower has become a bragging right for connected New Yorkers and even international giants. Barack Obama famously meandered through the tower in June, but industry leaders, Financial District locals, veterans and other people with connections to the Port Authority of New York & New Jersey — everyone from astronaut Buzz Aldrin to New York Jets center Nick Mangold — have quietly been on one of the hundreds of trips inside the tower. [more]

One of the 13 updated renderings of 1 WTC

The Port Authority and the Durst Organization released 13 new renderings of 1 World Trade Center. The renderings incorporate recent modifications to the design, but a joint press statement doesn’t say what the changes include. Click here to see the photos and more.

From left: Chris Ward and 1 WTC

Christopher Ward, a former executive director of the Port Authority of New York & New Jersey, has joined the board of directors of the New York Building Congress — a membership coalition that advocates for the city’s real estate, construction and design industries.

Ward served as the Port Authority’s executive director — the agency behind the World Trade Center reconstruction — from 2008 until 2011. He was with the Port Authority during times of stalemate with Larry Silverstein over financing and a funding gap for the 9/11 memorial. [more]

WTC Transportation Hub rendering

The Port Authority of New York & New Jersey is facing a difficult choice: forge ahead on unpopular toll increases or risk a lower credit rating. The Port Authority’s costs have been skyrocketing of late, as overruns at several development projects, most notably the World Trade Center Transportation Hub, have ate away at its budget. When it turned to bridge toll hikes to fund these projects last year, the American Automobile Association sued to overturn the increases, which it said could only be used for transportation projects. [more]

From left: Rep. John Mica, Sen. Chuck Schumer and 1 WTC

The General Services Administration’s 300,000-square-foot lease deal for 1 World Trade Center, whose completion has already been dragged out for nearly a year, won’t be finalized by Independence Day as the Port Authority of New York & New Jersey and the Durst Organization had hoped. And the New York Post reported it’s all because of a Florida representative. [more]

Mayor Bloomberg and a rendering of the September 11 Museum

Is construction moving forward despite the uncertain financing situation on the September 11 Museum? It depends whom you ask. The New York Post reported that one day after Port Authority of New York & New Jersey insisted to families of victims of the attack that construction is moving forward to open the museum on time in September, Mayor Michael Bloomberg claimed the opposite. [more]

Buddy Valastro and Carlo's Bake Shop in Hoboken

The ‘Cake Boss’ is coming to the Port Authority Bus Terminal. The New York Post reported that the Hoboken-based bakery, made famous by a TLC reality show, has signed a $4.3 million lease for 2,774 square feet on the bus terminal’s ground floor. The deal lasts for three-and-a-half years and requires the “Cake Boss Cafe” to spend $2 million on upgrades to the store.

The baker’s New Jersey store, called Carlo’s Bake Shop, has become a tourist attraction and draws lines around the block on some days. Port Authority expects this location to draw similar crowds and charged the cafe the highest rent ever for a bus terminal space.  [more]