The Real Deal New York

Governors create special panel for Port Authority reform

Committee, including RXR's Scott Rechler, given 60 days to decide fate of agency
May 07, 2014 08:20AM

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.

The panel will also include John Degnan, Port Authority chair, and Richard Bagger, vice chair of the special oversight committee focused on the Bridgegate scandal. Over the next two months, the special panel will provide “specific recommendations and proposed next steps.”

The agency is currently 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, as previously reported. [Crain’s]Mark Maurer