Planned New Bus Terminal Secures $2B Property Tax Revenue Commitment from Mayor Adams
Wagering on Manhattan’s office market recovery, both Mayor Adams and Governor Hochul, along with the Port Authority of New York and New Jersey (PANYNJ) recently announced a new agreement to support the planned $10 billion replacement and expansion of the existing 73-year-old Midtown Manhattan bus terminal. As part of the agreement, New York 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 a third development at a site near the Lincoln Tunnel bound by West 30th and 31st Street and 9th and 10th Avenue that is owned by the PANYNJ and private owners — pending market demand. In addition, the sale of development rights by the PANYNJ for the proposed towers would generate $500 million. However, one of the obvious caveats within the agreement is that the city’s wager on a recovered office market comes to fruition by sometime in the 2030s when the PANYNJ estimates the building of the commercial developments would likely happen.
Source: https://www.nyc.gov/office-of-the-mayor/news/188-24/mayor-adams-governor-hochul-port-authority-agreement-support-replacement-midtown