Port Authority to move NYC employees to NJ

June 08, 2010 10:00AM

In a cost-saving move, the Port Authority of New York & New Jersey plans to move 300 employees out of its 147,000 square feet of offices at 1 Madison Avenue, Lev Leviev’s Landmarked 23rd Street clock tower property, and into New Jersey when the lease expires in October 2011, according to the Post. Africa-Israel, which bought the building in 2007 and plans to convert its tower portion into luxury condos, had offered the agency a lease renewal “at a substantially higher cost,” said Port Authority spokesperson Stephen Sigmund. The Port Authority has long had a policy of keeping equal numbers of employees in New York and New Jersey offices, but the move, which is expected to save between $20 and $30 per square foot, is only a temporary one until 4 World Trade Center is ready. The Ground Zero building is being developed by Larry Silverstein to house the Port Authority’s new headquarters and is slated for completion in 2013. [Post]