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Midtown office tower to be built over NYC bus terminal
"We've been working very hard to reach an agreement that leverages substantial private money to reinvest for the benefit of our customers, the neighborhood and the region" A glass and steel office tower will rise above the nation's biggest bus terminal in the next several years, an official familiar with the plan said.The Port Authority of New York and New Jersey, which owns the midtown Manhattan terminal, was to announce a deal Friday with developers Lawrence Ruben Company and Vornado Realty Trust to build the tower above the north end of the depot. The tower would be built by 2013, officials said.The agency will secure $400 million to $500 million in air rights for the Port Authority Bus Terminal, money that will be used to add 18 gates and improve the indoor experience for passengers who board buses to and from New Jersey, according to a government official familiar with the plan. The official spoke on condition of anonymity because the person was not authorized to speak publicly before the announcement. Read more