The low-slung Port Authority bus terminal will be getting a heady addition: The Port Authority will announce a deal for a tower to be built at its north end.
The NY Times reports that Lawrence Ruben Company and Vornado Realty Trust is buying air rights for $400-500 million, which the Port Authority will then be used to add 18 bus platforms, give the terminal a "major face-lift" and overall refurbishing. Well, finally - commuting to and from NJ via the Port Authority is depressing. It's fine for other bus travelers who aren't there on a regular basis, but the Port Authority can be really depressing if you're taking the NJ Transit or Shortline buses everyday. (Penn Station, while not fun, is at least brighter - and the NJ Transit area was renovated.)
A Port Authority spokesperson said, "We’ve been working very hard to reach an agreement that leverages substantial private money to reinvest for the benefit of our customers, the neighborhood and the region." And it seems that the agency was quick to seize on the "Across from the Port Authority Bus Terminal" real estate fever: Back in February, one real estate executive said, "The new southern terminus of the acceptable business district has been established."
