The station now has about a dozen tenants, Mr. Plans call for a 49-year lease with a minimum rent over that time of $53 million.Ī plan would expand retail space fourfold at the George Washington Bridge Bus Station. The two sides will then have about 18 months to complete plans for the site and a leasing agreement.

Under the terms, the developer will pay the authority $1 million once the deal is approved. “We continue to ask them, ‘Are you still good with this because of the economy?’ And they’re very comfortable.” Francois, the chief of real estate and development for the authority. “We’re hopeful that within the next year or so, things will calm down a bit and they’ll be able to proceed with the financing,” said Michael B. Associates, to reach a preliminary agreement that is to be voted on by the authority’s board on Thursday.

The Port Authority has spent two years negotiating with the developer, a joint venture of Acadia Realty Trust and P.

The authority said on Wednesday that it expected the deal to go ahead despite the economic turmoil on Wall Street and the downturn in the real estate market. The Port Authority of New York and New Jersey has worked out a deal for a $152 million renovation of the George Washington Bridge Bus Station that will increase fourfold the amount of retail space in the Upper Manhattan terminal.

George washington bridge bus station