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Eye on NYC: Developers Press Ahead with Massive Projects

July 28th, 2008

Developments that will reshape the Manhattan skyline continue to move forward by fits and starts. A joint venture of Vornado Realty Trust and affiliates of Lawrence Ruben Co. won a six-month extension on a deadline that is central to plans for a 1.3 million-square-foot office tower that would rise above the Port Authority Bus Terminal in Midtown Manhattan. Port Authority of New York and New Jersey, granted the extension to allow the joint venture, 20 X Square Associates L.L.C., to wrap a 99-year lease for redevelopment of the terminal’s north wing. The extension will also allow for a transaction to lease, renovate and manage retail space in the terminals' south wing.

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