Date: Aug 01, 2012
Press Release Number: 111-2012
Port Authority Board approves agreements that will bring jobs, $4 million in investment to midtown facility
The Port Authority Board of Commissioners announced today that it has approved lease agreements with Starbucks Corporation and PNC Bank that will bring the national coffee retailer and financial institution to the Port Authority Bus Terminal in midtown Manhattan.
Starbucks will lease more than 2,100 square-feet on the ground floor of the terminal’s South Wing and invest approximately $1 million over the next four months to build its new store, creating an estimated 35 new jobs.
PNC Bank is leasing retail space totaling approximately 4,910 square feet located on both the ground level and second floor of the North Wing, with another 150 square feet for ATMs on the ground floor of the South Wing. PNC will invest more than $3 million in terminal improvements.
Starbucks and PNC are the latest businesses to set-up shop at the world’s busiest bus terminal following steps by the Port Authority to revitalize the facility and improve the amenities available to commuters and travelers. As part of its effort to improve the bus terminal and create a welcoming environment for the thousands of people who pass through it every day, the Port Authority hired Vornado Realty Trust to help market space and attract high-end tenants. Vornado helped broker the lease with both Starbucks and PNC.
In addition to Starbucks and PNC, other recent leases underscore the growing desirability of the Port Authority Bus Terminal’s location in the Times Square area. In June 2012, Port Authority commissioners approved a three-year lease with Discovery LLC, at the facility. The 2,774 square foot space will house the Cake Boss Café, an offshoot of the famed Carlo’s Bakery in Hoboken, the location of the popular TV show Cake Boss. Discovery LLC is investing approximately $2 million in the new store and making infrastructure and utility improvements.
In April of this year, retail pharmacy chain Duane Reade signed a new 20-year lease, renewing its commitment to maintain a presence at the Port Authority Bus Terminal. Duane Reade will invest almost $2.7 million at the facility within the first 18 months.
Another measure by the Port Authority to revitalize the terminal includes the installation last year of Media Mesh, a 6,000-square-foot electronic advertising screen on the exterior of the bus facility that helps anchor the west end of Times Square with its novel displays.
“A growing number of retailers are realizing that the Port Authority Bus Terminal is the right place to do business if you want exposure to 250,000 travelers on a daily basis,” said Port Authority Chairman David Samson. “Starbucks and PNC Bank will be new first-class amenities available in the world’s busiest bus terminal, underscoring the Port Authority’s commitment to revitalizing this renowned mid-town facility.”
“Our efforts to attract top shelf tenants to the Port Authority Bus Terminal are paying dividends, both for the customers who use the facility every day and for this agency,” said Port Authority Vice Chairman Scott Rechler. “All of our new tenants are investing private dollars to enhance the appearance of this transportation facility, supporting critical improvements to this vital transportation hub that serves 7,000 buses daily.”
“The Port Authority Bus Terminal’s retail amenities and options are on the upswing,” said Port Authority Executive Director Pat Foye. “We’ve partnered with the private sector to create a new, revitalized bus facility that will appeal to daily commuters and travelers as well as those who live and work in the area nearby. With tenants like Starbucks, Cake Boss, Duane Reade, PNC Bank and more to come, we’re ensuring a pleasant experience for a wide range of customers.”
“Having internationally recognized business leaders like Starbucks and PNC Bank join our Bus Terminal is another sign of the Port Authority’s commitment to our travelers and commuters,” said Port Authority Deputy Executive Director Bill Baroni.
The Port Authority Bus Terminal is the busiest bus facility in the world. In 2011, it accommodated 64,550,000 passengers and 2,263,500 bus movements.
Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in New York. The Port Authority receives no tax revenue from either the state of New York or New Jersey or from the City of New York. The agency relies on revenues generated by facility users, tolls, fees and rents as well as loans, bond financing, and federal grants to fund its operations. For more information, please visit http://www.panynj.gov.