40-story tower to be built above Midtown Bus Terminal

Port Authority leased air rights for $500 million to fund major improvements. On November 30, 2007, the Port Authority announced an agreement to facilitate construction of a 40-story, 1.3 million-square-foot office tower above the north wing of the 42nd Street Bus Terminal. Under the agreement, the Port Authority would lease the air rights over the area to 20X Square Associates, a joint venture between Vornado Realty and Ruben Companies. The agency will also share in … <Read More>