“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
The Port Authority of New York and New Jersey (PANYNJ) is to release a request for qualifications on the Midtown Bus Terminal Replacement Program Bus Storage and Staging Facility and Ramps Project.
Under the plans, a new $10bn Midtown Bus Terminal will be delivered to replace the existing facility, which is functionally obsolete. The new terminal will include a 2.1million sq ft main terminal, a separate storage and staging building and new ramps leading directly into and out of the Lincoln Tunnel.
In February, the authority published a draft environmental impact statement for the project, triggering a 45-day comment period.
The tender is set to be released on March 15, 2024.
The project will be financed through a similar vehicle to the one used on the Moynihan Train Hall in Penn Station.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Mayor commits $2B to Port Authority bus overhaul, now to include a third tower
CAROLINE SPIVACK
March 12, 2024
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New York City is doubling its wager on the recovery of Manhattan’s office market by committing up to $2 billion in property tax revenue from three potential commercial towers to help finance a long-awaited overhaul of the Port Authority Bus Terminal.
The announcement Tuesday includes a new third tower, to be built on land bounded by West 30th and West 31st streets and 9th and 10th avenues near the Lincoln Tunnel.
Mayor Eric Adams said, in an agreement with Gov. Kathy Hochul and the Port Authority of New York and New Jersey, that the city will commit 40 years of tax-increment financing to raise up to $2 billion — “subject to market demand” — for the $10 billion bus terminal redevelopment. The tax revenue would come from the three proposed commercial towers all planned for Port Authority-owned land.
Two previously announced office towers are expected to rise over the 41st Street bus terminal along Eighth Avenue. New York City's contribution would amount to 20% of the overall project cost. The Port Authority said selling development rights for the proposed towers would generate $500 million.
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Mayor Adams described the deal as a key step toward making the vision for a reimagined Midtown bus terminal a reality.
“For decades, New Yorkers have watched the Port Authority Bus Terminal deteriorate from the world-class facility it was in the 1950s to the stain it is on Midtown today,” said Mayor Adams in a statement. “Our investment over the course of the coming years, and our partnership with the Port Authority, will help develop a new crown jewel for Midtown — a state-of-the-art bus terminal that will add acres of new public space and storefronts, decrease congestion in Hell’s Kitchen, and improve the commuter and community experience in and around the terminal.”
The deal, however, comes with quite a few caveats. The Port Authority and the city are betting big on the recovery of the office market to partially finance the redevelopment at a time when a major shift in work patterns has made the project’s math more of a gamble.
A similar tax-increment financing mechanism helped fund Amtrak’s Moynihan Train Hall, but the model is riskier now that Covid-19 has reshaped the commercial real estate industry. Manhattan’s office market, for instance, currently suffers from a nearly 20% vacancy rate, according to global real estate services firm CBRE.
Still, Port Authority Chairman Kevin O’Toole has said he’s confident in the industry’s recovery by the time the commercial developments would build, likely in the 2030s.
“Our agreement with the city to provide a portion of the financing toward a new Midtown Bus Terminal will allow the Port Authority to move forward with a project that will generate economic benefits for our entire region while improving the quality of life in the community where the terminal is located,” said O’Toole in a statement. “We will replace this aging eyesore with a world-class gateway our region deserves.”
Haven’t seen the details yet, but the address given of the third tower is the same block where 360 10th will rise. I’m guessing it would be on the parking lot on 9th Avenue.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Haven’t seen the details yet, but the address given of the third tower is the same block where 360 10th will rise. I’m guessing it would be on the parking lot on 9th Avenue.
The PA owns a bus overflow lot off 9th Ave, near Manhattan West. I'm almost certain this is the lot.
So it will be 360 10th on one side of the block, and a PA office tower on the other side.
The PA owns a bus overflow lot off 9th Ave, near Manhattan West. I'm almost certain this is the lot.
So it will be 360 10th on one side of the block, and a PA office tower on the other side.
Yeah, but that bus lot is very small, as is that parking lot. The dorm takes up most of the space midblock, so I’m guessing 9th Avenue. That is unless they decide to build over the tunnel access, which is a possibility.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Here's how New York City has agreed to help fund a new Port Authority bus terminal
Colleen Wilson
March 12, 2024
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New York City has agreed to a financial arrangement with the Port Authority of New York and New Jersey to help pay for the new $10 billion Port Authority Bus Terminal.
A payment in lieu of taxes, or PILOT, plan will send up to $2 billion to the Port Authority — depending on how many commercial developments are built — over 40 years to help finance the reconstruction plans of the world's busiest terminal that is badly in need of a makeover, according to an announcement from the Port Authority, New York City and New York State.
“Our agreement with the city to provide a portion of the financing toward a new Midtown Bus Terminal will allow the Port Authority to move forward with a project that will generate economic benefits for our entire region while improving the quality of life in the community where the terminal is located," said Kevin O'Toole, chairman of the Port Authority.
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Construction could begin this year
The bistate agency has proposed rebuilding the 73-year-old facility that will completely reimagine the current terminal space, add an additional facility to stage and store buses, rebuild the ramps that connect to the Lincoln Tunnel, build as many as three new developments above the terminal or near it and add public green space. Construction could start as soon as this year.
In addition to the PILOT, the Port Authority is seeking a $1 billion federal loan. The rest is expected to be paid for by the agency.
Similar PILOT arrangements with the city have been used to finance other projects, including Moynihan Train Hall, another interstate transit hub in midtown, and Hudson Yards with the hopes of reviving neighborhoods through new development and investment.
Hochul, Adams agree to finance new Port Authority Bus Terminal through office development
By Ben Brachfeld
March 12, 2024
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The pair said they had agreed to commit 40 years of property tax revenue from three potential office developments in Midtown to finance the new $10 billion bus terminal, a plan for which the Port Authority unveiled last month to replace the existing 73-year-old eyesore. The PILOTs would raise an estimated $2 billion, about 20% of the total project cost, which is less than the $2.5 billion the Port Authority said it sought from the developments in February.
Two of the three buildings would sit atop the reconstructed terminal at 8th Avenue and 42nd Street, while another would be built nearby on Port Authority-owned land “subject to market demand.”
Governor Kathy Hochul, New York City Mayor Eric Adams and the Port Authority of New York and New Jersey today announced a new agreement to support the $10 billion replacement and expansion of the 73-year-old Port Authority Bus Terminal in Midtown Manhattan.
Recognizing the importance and catalytic potential of the project, the city has committed 40 years of tax revenue — expected to help the Port Authority raise an estimated total of up to $2 billion, 20 percent of the project cost — from three potential new commercial developments on three sites, two of which will be positioned atop the new bus terminal and the third to be built at a nearby site owned by the Port Authority and private owners, subject to market demand.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Inside the Port Authority’s deal with N.Y. to fund a new $2B bus terminal. Will it work?
Mar. 14, 2024
Larry Higgs
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The Port Authority, New York City and state officials struck a tax agreement to help finance the $2 billion replacement for the aging Midtown bus terminal that will use tax payments from three towers to be built over it to cover 20% of the costs.
The agreement counts on revenue from three commercial towers, two over the new terminal and a third on a site nearby owned by the Port Authority and private owners. The agreement announced Tuesday commits 40 years of tax revenue to the project and was agreed to by New York City and state officials.
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…Development of the new towers isn’t expected to begin until the end of the terminal construction project or after the main terminal is completed, Topousis said. The payment in lieu of taxes is based on a maximum of 6 million square feet of development, he said.
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…The agreement announced between New York City and state Tuesday allows private developers to make payments in lieu taxes instead of regular property taxes, mortgage recording taxes and sales taxes at market rates, Topousis said.
The Port Authority would receive those payments for 40 years after construction of the towers and after that time, payments revert to the city, he said.
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…New York Gov. Kathy Hochul was counting on similar private sector investments to help cover the cost of her new $8 billion Penn Station Vision project, Penner said. These competing projects for tenants are only blocks apart, he said. The Penn Station plan, which calls for building a series of super-tall buildings to provide funding for redeveloping Penn station, faces intense community opposition.
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…Another expert disagreed with the Penn Station comparison, and said the real estate market could be very different when the bus terminal towers are built, said Tom Wright, Regional Plan Association executive director.
“This is apples and oranges, there are so many moving parts (with Penn Station) a private sector owner of Madison Square Garden and Amtrak owns the station,” Wright said. “The Port Authority owns the bus terminal and the community is supportive of the project.”
The real estate market is likely to be different when it’s time to build the towers, he said.
“Even in today’s market, Class A new office space is doing extraordinarily well,” Wright said, He cited the performance of the 73-story office tower at One Vanderbilt place at 42nd Street and Vanderbilt Avenue, which counts TD Bank and TD securities among it’s occupants.
“It’s the older buildings with subpar space with high vacancy rates,” he said. “We see new product is highly desirable and office buildings so close to transit, as these would be, gain a premium, so this is solid play.”
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Since the towers are the second phase of the bus terminal project, market conditions could change several times, as could the plans for the buildings, Wright said.
“These won’t be in today’s market,” he said. “I’m pleased they reached this agreement…the Port Authority, city and both states are committed to modernization and expansion of the bus terminal.”
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
The PA is moving forward with plans to make the terminal expansion a reality.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
The city’s demapping of 41st street moves forward…
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Lots of graphics, and building envelopes revealed. No info on the 3rd tower yet.
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__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
__________________
"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."
Meanwhile, I've had a chance to sift through some of the documents. I know I will probably regret posting this, but let me just say that both the massing and the heights given and shown for the two office towers are for the DEIS study purposes only. We are at best a decade away from either of the towers being built. A long way out from even seeing a developer selected.
But what we do know is the size of the towers, so you can draw some conclusions from that. You have a 3 MSF zoned tower and a 2 MSF zoned tower, with typical mechanical space making the sizes considerably larger. Add to that the fact that the towers will be elevated over the bus terminal, and you get even more of an idea.
Anyway, some reading and graphics to go along with the new plan...
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__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I know its far off but I hope whoever develops the office towers retain Foster so it can be a seamless vision
I was thinking the same thing. That atrium is glorius. Normally I wouldn’t be for closing a street - in this case 41st Street - for a project. But in this case, a worthy development.
__________________ NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
I mean, this has to be the best bus terminal in the country after this. Rarely, if ever, do you associate the words "bus terminal" with grand spaces like this.
__________________
"Then each time Fleetwood would be not so much overcome by remorse as bedazzled at having been shown the secret backlands of wealth, and how sooner or later it depended on some act of murder, seldom limited to once."
I mean, this has to be the best bus terminal in the country after this. Rarely, if ever, do you associate the words "bus terminal" with grand spaces like this.
It already seems in the class of a Grand Central, or a (original) Penn Station. That's significant, and it should be. We're talking about a terminal that should serve into the next century. We're alive at a time when the airports (JFK, LaGuardia, Newark) and major rail terminals (Penn Station, Grand Central) have been and are seeing major building upgrades that one day down the line will be accepted as standard for New York, the same way we accept the Empire State and Chrysler Buildings. But like those skyscrapers, things have to come into being, and it isn't always easy. We're getting to see all of this take place now, in addition to future skyscrapers (175 Park, and many others) that will come to define New York.
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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