Rechler: Not so fast on Port Authority Bus Terminal renovation

RXR head says get commuters onto mass transit before they reach Manhattan

New York /
Dec.December 30, 2015 10:37 AM

Scott Rechler thinks planners need to slow down and take another look at the Port Authority Bus Terminal redesign.

The Port Authority of New York and New Jersey board member and head of RXR Realty said politics, not sound planning, are currently pushing the planned project forward.

“When you’re talking about a $10 billion project, you really need to make sure it’s well thought out,” Rechler told Politico. “And the projects that haven’t been successful, the projects that have gone over-budget, are the projects that [were] done because it was politically valuable to move them forward before the planning was done.”

The developer suggested a different approach: corral commuters into the mass transit system before they cross the river into Manhattan. He proposed the construction of a new bus terminal on the New Jersey side of the river, which would allow passengers to reach NJ Transit via the planned Gateway tunnel under the Hudson River, Politico reported.

The Port Authority voted in November to hold an international design competition for the planned terminal, which will rise at 625 Eighth Avenue in Midtown, one block from the current site.

The agency plans to sell air rights at the current terminal’s location, 2.3 million square feet according to public records. It has estimated that revenues from that sale could pay for up to two thirds of the $10 billion required for the renovation. [Politico]Ariel Stulberg


Related Articles

arrow_forward_ios
A rendering of 85 Jay Street and RXR Realty CEO Scott Rechler (Winick, Getty)
RXR makes $220M apartment bet in Brooklyn
RXR makes $220M apartment bet in Brooklyn
Larry Silverstein and The Denizen in Brooklyn above; and Scott Rechler with 555TEN in Hudson Yards top right. (Getty)
The art of the (discounted) deal
The art of the (discounted) deal
Renderings of 175 Park Avenue (Rendering via SOM)
Developers unveil plans for 1,600-foot tower at Grand Central
Developers unveil plans for 1,600-foot tower at Grand Central
RXR CEO Scott Rechler with 56-19 Grand Avenue, Queens (Getty, RXR)
These were the top outer-borough loans in December
These were the top outer-borough loans in December
From top: 355 Exterior Street in the Bronx, 55-15 Grand Avenue in Queens and 700 Atlantic Avenue in Brooklyn (Google Maps)
10 biggest new real estate projects in NYC in 2020
10 biggest new real estate projects in NYC in 2020
RXR Realty's Scott Rechler (Getty; iStock)
RXR to raise $1B pandemic fund
RXR to raise $1B pandemic fund
237 Park Avenue and Scott Rechler (Photos via Getty; RXR)
What tenants are paying at RXR and Walton Street Capital’s 237 Park Avenue
What tenants are paying at RXR and Walton Street Capital’s 237 Park Avenue
RXR's Scott Rechler and a rendering of 55-15 Grand Avenue (Getty, RXR Realty)
Amazon’s future Queens warehouse, Robert DeNiro’s film studio among top NYC projects
Amazon’s future Queens warehouse, Robert DeNiro’s film studio among top NYC projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...