Date: Apr 11, 2012
Press Release Number: 48-2012
Port Authority Board's Approval of Lease with Duane Reade Provides 20-Year Commitment to New York Bus Facility; Results in Millions of Dollars in Private Sector Investment
National pharmacy chain Duane Reade, already a major ground-floor fixture in the Port Authority Bus Terminal, committed to a long-term stay at the signature bus facility following the approval of an agreement by the Port Authority Board of Commissioners.
The agreement ensures that Duane Reade, which Walgreen Co. acquired in April 2010, will maintain a retail presence in the bus terminal for the next 20 years. Walgreens took over 258 Duane Reade stores in the New York area, but they continue to operate under the Duane Reade brand name.
The new lease is part of the Port Authority's long-term plans to attract and retain retail offerings in one of the region's signature transportation facilities.
"This lease is a good business decision and equally good news for the thousands of customers who use the bus terminal each day," said Port Authority Chairman David Samson. "This agreement provides us with the private sector investment we need to upgrade this critical transportation facility, and will enable us to provide an exceptional retail amenity for our customers."
"We're looking to create a new, dynamic experience for our 200,000 bus terminal customers, and this action is an important step in that process," said Port Authority Executive Director Pat Foye. "Our goal is to revitalize the bus terminal into a customer-friendly station, and we will continue to take steps to help us meet this goal."
"Nearly 65 million passengers travel through the Port Authority Bus Terminal each year," said Port Authority Deputy Executive Director Bill Baroni. "We're continuously looking to attract new and exciting amenities, as well as retain popular establishments, in an effort to give our travelers the positive experience they deserve."
Under the terms of the agreement, Duane Reade will invest approximately $2.65 million in the first 18 months.
Port Authority of New York and New Jersey
Justine Karp, 212-435-7777
The Port Authority of New York and New Jersey, which does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. This includes John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International 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; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine Terminal and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.