Rechler: Not so fast on Port Authority Bus Terminal renovation

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

TRD 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
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
Airbnb’s Brian Chesky, RXR Realty’s Scott Rechler and 75 Rockefeller Plaza (Credit: Rechler by Eugene Gologursky/Getty Images, 75 Rockefeller)

Airbnb and RXR nix resi conversion deal at 75 Rock

Airbnb and RXR nix resi conversion deal at 75 Rock
RXR Realty's Scott Rechler and 2413 Third Avenue in the Bronx (Credit: Getty Images; Google Maps)

RXR planning 200-unit South Bronx project

RXR planning 200-unit South Bronx project
James Whelan, Scott Rechler and Jonathan Gray (Credit: Rechler by Eugene Gologursky/Getty Images; Whelan by Axel Dupeux; Gray by Drew Angerer/Getty Images; CDC)

With New York in crisis, real estate pitches in

With New York in crisis, real estate pitches in
CBRE CEO Mary Ann Tighe and RXR Realty CEO Scott Rechler

Rechler, Tighe assess pandemic’s effects on NYC real estate

Rechler, Tighe assess pandemic’s effects on NYC real estate
TRD Talks Live

Tune in tonight: TRD Talks with Mary Ann Tighe and Scott Rechler

Tune in tonight: TRD Talks with Mary Ann Tighe and Scott Rechler
A photo illustration of Scott Rechler and the SS United States (Credit: Eugene Gologursky/Getty Images for National Eating Disorder Association, Brian W. Schaller via Wikipedia)

RXR is looking for space…to park a $500M ocean liner

RXR is looking for space…to park a $500M ocean liner
Colony Capital's Tom Barrack and RXR Realty's Scott Rechler (Credit: Getty Images)

Colony Capital sells stake in RXR Realty

Colony Capital sells stake in RXR Realty
arrow_forward_ios

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

Loading...