port authority

Architecture, City Living, real estate trends, Technology, Top Stories

crain's real estate conference, serving growing nyc population, housing crisis

As more and more people move to the Big Apple, the city is running out of room to house all of them. According to Mark Ginsberg of Curtis & Ginsberg Architects, even if the city were developed to the maximum capacity legally allowed, this would still only be enough room to house 9.5 million New Yorkers. Building up every square foot that has been zoned for development is impossible and the city’s population is projected to pass 9 million by 2040. At a real estate conference hosted by Crain’s last week architects from five different firms laid out their plan to serve the city’s swelling population and each focused on a specific borough.

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Policy, Transportation

port authority of new york and new jersey, port authority agency, midtown manhattan

After multiple feuds, budget concerns and delays, the Port Authority of New York and New Jersey may have finally reached an agreement on a timeline to replace or renovate the bus terminal. As the Associated Press reports, the plan to replace the Port Authority Bus Terminal has shifted attention back to the existing midtown Manhattan, instead of relocating it one block west. Board members of the bi-state agency said a study of the original site will be finished by the end of July to determine the cost and schedule of renovation. Following that study, an environmental review is expected later this year, which could take about two years. Construction cannot begin until the review is completed.

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Financial District, Major Developments

World Trade Center Performing Arts Center, REX architects, The Perelman Center, Silverstein Properties, World Trade Center architecture

It’s been almost 13 years since Frank Gehry initially designed the Performing Arts Center at the World Trade Center (PACWTC). After his plans got shelved in late 2014 due to fundraising issues and construction delays on the transit hub below, it seemed like the last vacant site at the complex would forever remain that way. That is until this past fall when a $75 million gift from billionaire businessman and philanthropist Ronald O. Perelman brought the $243 million project back to life and made it possible to proceed with new designs. Despite this new optimism, it looks like the Center will be delayed yet again, as Crain’s reports that unresolved issues between the Lower Manhattan Development Corp. and the Port Authority are setting things behind schedule, which could cost the project $100 million in federal funds.

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Transportation

Port Authority may add $4 curbside taxi fee at airports

By Michelle Cohen, Tue, February 21, 2017

Image by Grant Wickens via flick CC

As far back as 2015, 6sqft reported that the Port Authority was considering fees for vehicles pulling up curbside to drop off or pick up passengers at New York City’s airports as a way to reduce the congestion that has worsened since services like Uber and Lyft have arrived. The city’s airports are among the only ones in the U.S. that don’t charge curbside access fees. Now the Daily News has obtained a Port Authority draft proposal outlining the proposed fees. Taxi and hired car passengers could be hit with a $4 charge for each trip in and out of Kennedy, LaGuardia and Newark airports as early as next year. The fee would be charged to the car operators and would presumably be passed to passengers

The idea is not getting a warm reception

Policy, Transportation

The Port Authority Board of Commissioners yesterday approved a $32.2 billion, 10-year capital plan–the agency’s largest ever. The major allocations include: $3.5 billion to begin the planning and construction of a new Port Authority Bus Terminal; $10 billion towards improving trans-Hudson commuting, including a $1.5 billion Goethals Bridge replacement, completion of the $1.6 billion Bayonne Bridge rebuilding, and a $2 billion rehab of the George Washington Bridge; $11.6 billion in major airport upgrades, which factors in $4 billion for the new LaGuardia Terminal B, a plan to extend the PATH train from Newark Penn Station to the Newark Airport, and the beginning of Cuomo’s JFK overhaul; and $2.7 billion towards the Gateway rail tunnel project.

More details ahead

Manhattan, New Jersey, Transportation

Yesterday, 6sqft revealed Governor Cuomo’s plan to give JFK Airport a long overdue overhaul, an endeavor that would cost nearly $10 billion, funded just over two-thirds in part by the private sector with another $2 billion provided by the government. Given that most of New York and New Jersey’s regional transportation infrastructure (including bridges, tunnels and airports) falls within the joint jurisdiction of the Port Authority of New York and New Jersey, New Jersey will as a result receive similar funding for a project of their own—and that’s a problem according to The Record reporter Paul Berger. Yesterday, Berger published a confidential document obtained from the Port Authority that details how $30 billion will be spent on infrastructure over the next 10 years. While the purpose of the Port Authority is to divvy up cash across the region based on need, as Berger writes, the document simply shows how “interstate jealousies over funding” have led to a “quid pro quo capital plan” that completely bucks this objective.

more details here

Major Developments, Midtown West

Port Authority Bus Terminal

Just two months ago, West Side elected officials and the Port Authority agreed to move ahead on the 10-year, $10 billion capital project to replace the current Bus Terminal, releasing five design proposals for a new building. But officials at the bi-state agency “have reached an impasse” on the project due to budget concerns and disagreements on the design, reports Crain’s.

The full story

Featured Story

Architecture, Features, Midtown West, Transportation, Urban Design

On Tuesday, an agreement was reached between West Side elected officials and the Port Authority that said the agency would expand the planning process for a new $10 billion bus terminal with more local input. And just today they’ve revealed the five proposals that were submitted to a design competition to replace the currently loathed site. Crain’s brings us videos of the ideas, which come from big-name firms Pelli Clarke Pelli Architects, Arcadis, AECOM in partnership with Skidmore Owings & Merrill, Perkins Eastman, and Archilier Architecture Consortium. Though this seems counter to the agreement, John Degnan, the Port Authority’s New Jersey-appointed chairman, said he doubts “any one of them will be the final design,” since they either further complicate existing planning issues or cost billions over budget.

Take a look at them all here

Financial District

one world trade center, lower manhattan, skidmore ownings and merrill

Last week, 6sqft reported that the Port Authority would sell One World Trade Center for up to $5 billion due in part to vacancy issues and the fact that the tower only brought in $13 million in revenue last year, a mere 0.35 percent return on the agency’s investment. But Authority chairman John Degnan said yesterday to Politico that “It’s certainly not on the block. We’re not talking to any brokers about it.” This doesn’t however, mean that the agency has changed its stance that it will one day “divest and monetize in non-transportation-related holdings.”

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Financial District

one world trade center, lower manhattan, skidmore ownings and merrill

It’s been almost two years since Condé Nast’s 3,400 employees moved into One World Trade Center. At the time, only 58 percent of its 3 million square feet of space was leased, but the hope was that the media company’s presence and perceived confidence in the $3.8 billion tower would attract more tenants. This didn’t quite pan out, as it’s still one third empty, and the Port Authority continues to drop $3 million a month to cover Condé Nast’s old lease (this amounted to $47.6 million in 2015 alone).

Due to these issues, along with the fact that the tower only brought in $13 million in revenue last year– a mere 0.35 percent return on its investment–the cash-strapped Port Authority has made plans to sell One World Trade Center for as much as $5 billion. As Crain’s notes, this would be the highest price ever paid for an office building in the country.

More details ahead

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