To enhance regional economic growth, the Port Authority is advancing public-private partnerships that leverage the agency’s real estate assets to create new business opportunities; support community revitalization, job generation, and increased use of transit and reduced air emissions; and provide other benefits.
The Port Authority Bus Terminal (PABT) is situated in one of the fastest- growing and most dynamic real estate markets in New York City. To support development of the surrounding area and generate revenue and funding sources needed to support bus terminal upgrades, the agency is in discussions with a private entity to lease the air rights above the PABT.
The proposed air rights development would add approximately 1.3 million square feet of first-class office space to the terminal, improve the efficiency and quality of transportation, enhance pedestrian and bus passenger circulation, and upgrade the retail space.
The George Washington Bridge Bus Station (GWBBS) serves 15,000 to 20,000 commuters and visitors daily, providing commuter and intracity bus service, as well as connections to New York City subways and buses. To improve the atmosphere and level of service in and around the bus station, the Port Authority is advancing an initiative with a private entity to significantly upgrade the space. Improvements will include approximately 120,000 square feet of new first-class retail space and the consolidation of bus operations.
This initiative will improve the efficiency and quality of bus operations, bring new construction and permanent jobs to the community, provide new retail venues to the underserved market surrounding the GWBBS, act as a catalyst for future development in the area and provide a higher quality of service to GWBBS patrons. It also will reduce the facility's annual net operating deficit and alleviate the substantial capital costs the agency incurs to maintain an aging facility.