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New York Ponies Up For New Port Authority Midtown Bus Terminal

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the staff of the Ridgewood blog

New York NY, 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. This deal brings the vision of a reimagined bus terminal one step closer to reality.

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