Vornado Realty Trust’s agreement to be the designated developer of an office tower atop the Port Authority Bus Terminal is set to expire in August. To keep the deal, Steven Roth, Vornado’s chairman, would have to pay $500 million over the 99-year term of the lease. Vornado never found a tenant for the proposed 1.3 million-square-foot tower, so the continuation of the agreement seems unlikely. But an official familiar with the negotiations told the New York Observer that Vornado and the Port Authority are discussing a plan in which Vornado would expand the terminal’s retail space.
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Vornado, Port Authority agreement to expire
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