The Port Authority’s plan a year and half ago to find much of the projected $10 billion to rebuild its horrible bus terminal in Midtown relied on producing new money from four office towers that private interests would invest in even though COVID and remote work scrambled the commercial real estate market.
Thankfully, that nonsense has been carted away like garbage from commuters using the facility.
The revised financial plan only relies on two office towers that private interests would invest in. While the speculation on the future demand for expensive office space has been cut in half, will anyone come forward with the cash when the PA needs it?
Or is it sounder forecasting to halve it again and only count on a single office tower? Or perhaps zero office towers?
Even though the eyesore sits in New York, a great bulk of the bus passengers using Port Authority are from New Jersey, the leaders of which are doing everything they can to kill New York’s ability to reduce traffic, cut pollution and raise needed revenues for transit through congestion pricing.
So please remind us again why we are fixing up the bus terminal to help Jersey as they try to stymie congestion pricing.
Partnership means that both sides are supposed to benefit, doesn’t it? Or can one side be played as a sucker during a game of three-card monte on the sidewalk outside the dingy bus terminal?