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Vornado, Port Authority, Continue Negotiations Over PABT Tower

NEW YORK CITY-The deadline to secure the construction of a 1.3-million-square-foot class A office tower above the Port Authority Bus Terminal at 42nd St. and 8th Ave. is coming up on Sunday, August 7.

By Jacqueline Hlavenka | Updated on August 04, 2011

NEW YORK CITY-The Port Authority of New York and New Jersey and office and retail REIT Vornado Realty Trust are continuing “active negotiations” as the deadline to finalize plans for the construction of a 1.3-million-square-foot office tower atop the Port Authority Bus Terminal approaches on August 7, a Port Authority spokesman confirms to GlobeSt.com. A report in the Wall Street Journal said this morning that Vornado stands to lose its designation as the tower’s developer if a deal isn’t struck by Sunday. The article notes that an extension of the deal is also possible, similar to an extension agreement the Port Authority Board reached in 2010.

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