Does the Port Authority matter to New York real estate?
Absolutely, says Rick Cotton, the agency’s executive director. He plans to make that case Wednesday, Oct. 7 at 5 p.m. Eastern, when he is interviewed by senior managing editor Erik Engquist on TRD Talks Live.
From redeveloping the place often heralded as the worst in New York — its Eighth Avenue bus terminal — to building an AirTrain link to LaGuardia Airport, the Port Authority has a wide range of projects that Cotton says will benefit the real estate industry.
The Port Authority of New York and New Jersey is a mammoth agency with tentacles stretching 25 miles in every direction. Besides the bus terminal, the three major airports and AirTrain, it runs New York’s ports, PATH train, and Hudson River tunnels. As the owner and operator of 12,000 acres of land and 45 million square feet of office, industrial, retail, and technical space in the city, it has ample power in real estate. In 2018, for example, it squashed hopes of redeveloping the Red Hook Container Terminal.
Now, with the pandemic causing a massive budget crunch, some Port Authority projects may be at risk.
Register here to listen in as Rick Cotton, who runs the multibillion-dollar agency for Gov. Andrew Cuomo, tells us what’s next.