The Real Deal New York

NJ Senate Dems want Port Authority to sell 1 WTC

Proceeds would go toward New Jersey-Manhattan rail tunnel

March 17, 2015 02:30PM

New Jersey Senate Democrats think that the Port Authority of New York and New Jersey should sell off all of its non-transportation related real estate and put the proceeds toward a rail tunnel.

The real estate would include assets such as One World Trade Center, Crain’s reported. Speaking at a news conference in Newark today, Senate President Steve Sweeney said that the proceeds from such a sale could generate up to $3 billion, which he believes should be used to finance Amtrak’s Gateway tunnel project connecting New Jersey to Manhattan. Sweeney said the action would send a message that the Port Authority is serious about fixing transportation issues.

Democrats control the New Jersey state legislature, which yesterday failed to override Governor Chris Christie’s veto of a bill that would have increased its power over the Port Authority. [Crain’s] — Tess Hofmann

 

Tags: port authority
  • Realest Minority

    yea sell the damn building and stop raising tolls

  • Tim

    I always thought it was the real estate that supported the transportation network!

  • ragingagainst

    Now that they are done raiding the WTC money jar, they want to transfer the money to the tunnel, so they can steal untold millions from that project too. Clever.

  • berniegoetz

    The PA is a never ending disaster. Don’t let the PA build anything new like a railroad tunnel or bus terminal with parking. Have another entity build it. Phase out the PA or live with the consequences.