THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY AUTHORIZES SALE OF AGENCY’S
QUEENS WEST PROPERTY TO CITY OF NEW YORK
Date: Oct 19, 2006
Press Release Number: 80-2006
The Port Authority Board of Commissioners today authorized the sale of agency property in the Queens West development to the City of New York, divesting itself of a real estate asset to generate funds to reinvest in critical transportation projects.
The Board agreed to sell approximately 24 acres of undeveloped land in Queens West to New York City for $100 million. The transaction calls for the City to fund the remaining $46 million of the Port Authority’s $190 million commitment to the mixed-use development project for infrastructure and other related projects. The Port Authority also will continue to receive revenue from buildings that were constructed in the first two stages of the project.
Port Authority Chairman Anthony R. Coscia said, “The Queens West waterfront development has been an important investment for the region and its economic future for the past 21 years. This agreement will ensure that this project continues and is a win-win for the Port Authority, the City and the region. It will allow us to invest more dollars in our core transportation mission, and will provide the City with a key real estate asset.”
Port Authority Vice Chairman Charles A. Gargano said, “This transaction is an important milestone in the history of Queens West. It ensures that this parcel of prime real estate in Long Island City is fully built, and will provide the Port Authority with substantial revenue to make sure the region’s economy continues to grow and its millions of residents and visitors continue to have a world-class transportation system for future generations.”
Port Authority Executive Director Kenneth J. Ringler Jr. said, “The Port Authority has been a proud partner in helping New York City realize its vision for this prime waterfront site. Now that the Queens West project is well on its way to completion, we need to focus more attention on the multitude of transportation projects our region needs now.”
The Port Authority became a partner in the Queens West project in 1984 following bistate legislation that authorized the agency to undertake waterfront development projects in New York and New Jersey. The Queens West project is a mixed-use development in Long Island City, N.Y., built by private developers and consisting of commercial, residential and recreational facilities. The bistate agency’s investments in the project during the past 21 years helped pay for land acquisition, planning, infrastructure design, and other associated costs.
The first building, consisting of a 522-unit residential tower including co-op apartments, was completed and first occupied in 1997. In 2002, a second residential building was opened, consisting of 435 rental apartments, retail space and vehicle parking. In 2005, an adjacent 80-apartment senior citizen residence, sponsored and built by the Foundation for Senior Citizens with funding provided by the U.S. Department of Housing and Urban Development, was built. This year, an additional 425-unit residential tower was opened for prospective tenants.
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Port Authority is financially self-supporting and receives no tax revenue from either state.