4162 Broadway Offering Memorandum 2-24-14nyinvestmentsales.cushwake.com/.../4162_Broadway... ·...
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4162 BROADWAY Front Rendering
Transcript of 4162 Broadway Offering Memorandum 2-24-14nyinvestmentsales.cushwake.com/.../4162_Broadway... ·...
4162BROADWAY
Front Rendering
Rear Rendering
4162 Broadway
George Washington Bridge
This is a confi dential brochure intended solely for your limited use and benefi t in determining whether you desire to express any further interest in the purchase of 4162-4166 Broadway, New York, NY 10036 (the “Property”).
This brochure was prepared by Massey Knakal Realty Services, (“Massey Knakal”) and has been reviewed by representatives of Ownership. It contains selected information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all fi nancial projections are provided for general reference purposes only in that they are based on assumptions relating to the general economy, competition, and other factors beyond the control of Massey Knakal or Owner and, therefore, are subject to material variation. Additional information and an opportunity to inspect the Property and plans will be made available to interested and qualifi ed investors. Neither Owner, Massey Knakal nor any of their respective offi cers nor employees, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this brochure or any of its contents, and no legal commitments or obligations shall arise by reason of this brochure or any of its contents. All square footage measurements must be independently verifi ed.
Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligation to any entity reviewing this brochure or making an offer to purchase the Property unless and until a written agreement satisfactory to Owner has been fully executed, delivered, and approved by Owner and any conditions to Owner obligations thereunder have been satisfi ed or waived.
By receipt of this brochure, you agree that this brochure and its contents are of a confi dential nature, that you hold and treat it in the strictest confi dence, and that you will not disclose this brochure or any of its contents to any other entity without the prior written authorization of Owner nor will you use this brochure or any of its contents in any fashion or manner detrimental to the interest of Owner or Massey Knakal.
It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. Massey Knakal does not conduct investigations or analysis of environmental matters and, accordingly, urges its clients to retain qualifi ed environmental professionals to
determine whether hazardous or toxic wastes or substances (such as asbestos, PCB’s and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions, are present at the Property and, if so, whether any health danger or other liability exists. Such substances may have been used in the construction or operation of buildings or may be present as a result of previous activities at the Property.
Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending upon past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. In addition, the cost of removal and disposal of such materials may be substantial. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present.
While this brochure contains physical description information, there are no references to condition. Neither Owner nor Massey Knakal make any representation as to the physical condition of the Property. Prospective purchasers should conduct their own independent engineering report to verify Property condition.
In this brochure, certain documents, including leases and other materials, are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of the documents. Interested parties are expected to review independently all relevant documents.
The terms and conditions stated in this section will relate to all of the sections of the brochure as if stated independently therein. If, after reviewing this brochure, you have no further interest in purchasing the Property at this time, kindly return this brochure to Massey Knakal at your earliest possible convenience. Photocopying or other duplication is not authorized. This brochure shall not be deemed an indication of the state of affairs of Owner, nor constitute an indication that there has been no change in the business or affairs of Owner since the date of preparation of this brochure.
All zoning information, including but not limited to, use and buildable footage must be independently verifi ed.
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A S K I N G P R I C E :
$16,000,000
For fur ther informat ion or inspect ion, p lease contact Exclusive Agents:
4162 BroawayNew York, NY 10036
A PREMIER RETAIL, COMMERCIAL OR PARKING OPPORTUNITY
JIM YETTERSenior Associate
ROBERT M. SHAPIROVice President of Sales
DANIEL MAURERSenior Associate
TABLE OF CONTENTST
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EX E C U T I V E S U M M A RY . . . 1
D E TA I L TAX M A P . . . 4
S I T E P L A N . . . 5
F I N A N C I A L S & S TAC K I N G P L A N S . . . 6
LE A S E A B S T R AC T S . . . 11
D U E D I LI G EN C E . . . 13
M A P S . . . 16
N EI G H B O R H O O D D ES C R I P T I O N . . . 18
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FOR FURTHER INFORMATION OR INSPECTION,
PLEASE CONTACT EXCLUSIVE AGENTS:
DANIEL MAURERSenior Associate
ROBERT SHAPIROVice President of Sales
JIM YETTERSenior Associate
Massey Knakal Realty Services is pleased to announce that it has been retained on an exclusive basis to arrange for the sale of 4162 Broadway. Th e property is comprised of one four story elevatored parking garage with two ground fl oor retail stores and a separate lot located at 655 West 176th Street adjoining the parking garage in the rear. Situated in the heart of Washington Heights and just a block from the A express train and two blocks from the soon to be renovated George Washington Bridge Bus Station, 4162 Broadway represents one of the premier retail, parking and commercial redevelopment opportunities on the market today with the potential for over $1,650,000 of net income!
Overview
4162 Broadway is an irregularly shaped parking garage situated on an approximately 6,815 square foot lot on the west side of Broadway between West 176th and 177th Streets. Th e existing structure is approximately 27,366 square feet, 4 stories and includes 3 separate commercial units. Occupying part of the ground fl oor and fl oors 2, 3 and 4 is an owner occupied parking garage. Th e garage has a heavy fl oor load capacity and 163 spaces. Th e posted parking rates are as follows:
• Up to 1 hour: $5.91• Up to 2 hours: $8.45• Up to 10 hours: $11.83• Up to 24 hours: $18.59• Regular Monthly Rate: $232.31
E XECUTIVE SUMM ARY
Financial Summary
Asking Price: $16,000,000
PPSF: $585
Cap Rate*: 10.59%
PPBSF**: $265
*Based on projected revenue**Based on community facility bonus FAR
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E XECUTIVE SUMM ARYE
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Ownership is currently receiving approximately $50,000 per month in revenue from the garage.
Floridita, a neighborhood restaurant and bar, has been located on the ground fl oor of the building since 2003 and holds a lease through 9/30/2018. Th e lease has no renewal option and a demolition clause that can be activated with 1 year’s prior written notice.
Th e southern retail store, Pepe, is a jeweler and pawn shop that is currently MTM and has no renewal rights.
655 West 176th Street is a 25’ x 100’ rectangular lot located directly behind (east) of the 4162 Broadway. Currently the lot is being utilized as additional space for the parking garage. Th ere is a curb cut in place on the north side of West 176th Street. Th is parcel is included in the sale.
Redevelopment Potential
4162 Broadway and 655 West 176th Street are both zoned C8-3 and have an FAR of 2.0. According to as-of-right zoning 4162 Broadway is overbuilt, however, if the community facility bonus is utilized (6.5 FAR) an extra 16,932 square feet can be added.
655 West 176th Street commands approximately 4,956 square feet of air rights and approximately 16,107 if the community facility bonus is utilized. When combined and the community facility bonus is utilized, both lots have approximately 33,039 square feet of air rights.
Current market retail rents in the neighborhood often exceed $100 per square foot for ground fl oor space and $35 per square foot for upper fl oors. Th e site’s extremely fl exible layout off ers developers not only numerous options moving forward, but a world-class
4162 Broadway
Broadway retail - 175th Street
Broadway retail - 168th Street
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opportunity to stake a claim in one of Manhattan’s last untapped neighborhoods. Potential for big box retail, community space or schools all exist at this unique and hard to come by site.
Location
4162 Broadway is located in the heart of Washington Heights along one of the neighborhood’s most bustling retail corridors just north of the Columbia Presbyterian Hospital and a couple blocks south of the George Washington Bridge Bus Terminal. In recent years numerous national retailers have begun to infi ltrate the area as the neighborhood continues to gentrify and demand new amenities (pg. 18). Many of Northern Manhattan’s beautiful parks are easily accessible from the property. Th e newly renovated High Bridge Park is only a three blocks to the east while J Hood Wright Park and Fort Washington Park are just to the west. All of these parks off er neighborhood residents a variety of outdoor amenities such as waterfront access, pedestrian and greenway paths, new playgrounds, picnic areas and athletic fi elds. Major New York City thoroughfares such as Interstate 95 (GW Bridge), Harlem River Drive and the Henry Hudson Parkway are within a couple blocks of the property making it easily accessible to not only neighborhood residents but the entire tri-state area. Public transportation is also easily accessible via the A express train stop at Fort Washington Avenue and West 177th Street and the numerous bus routes that service the neighborhood.
George Washington Bridge Bus Station
Perhaps the most anticipated improvement to the neighborhood in recent memory will be the renovation of the George Washington Bridge Bus Terminal scheduled to be completed within the next fi ve years. Th e Port Authority of New York and New Jersey have combined to invest just over $180 million to quadruple the current size of the existing terminal to 120,000 square feet. Th e new space will include an array of community spaces and local and national retail tenants. It will create some 500 construction jobs and 700 permanent jobs all helping to bolster local employment and economy.
Rendering of GW Bridge Bust Station
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DETAILED TAX M AP*E
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81.3’
81.3’
102.9’
21.6’
78.03’ 75’
13.6’
6.8’
92.5
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6,005sf
810sf
25’
99.11’
Broa
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West 176th Street
West 177th Street
Wad
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2,478sf
Lot 12
Lot 10
75’
Lot 12 Area: 6,815 sfLot 10 Area: 2,478 sf
*Lot size and square footages are estimated. Zoning and FAR are critical to value, please verifty independently
4162 Broadway
655 West 176th Street
Not part of sale
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SITE PLAN
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BUILDING STATISTICS
4162 Broadway Building Statistics
Location: Th e subject properties are located on the east side of Broadway between West 176th and West 177th Street and on the north side of West 176th Street between Broadway and Wadsworth Avenue.
Address: 4162 Broadway 655 West 176th Street TotalBlock/Lot: 2145/12 2145/10Building Dimensions: 78’ x 103’ (irregular) 25’ x 100’ (lot dimensions)Stories: 5 NABuilding Square Footage: 27,366 NA 27,366Commercial Units: 3 NAZoning: C8-3 C8-3FAR (as-of-right): 2.00 2.00Lot Size: 6,815 2,478 9,293Total Buildable Square Feet: 13,630 4,956 18,586Additional Air Rights: Overbuilt 4,956 4,956Assessment (14/15): $1,964,250 $79,920 $2,044,170 Taxes (14/15): $202,770 $8,250 $211,020
Community Facility PotentialFAR: 6.50 6.50Total Buildable Square Feet: 44,298 16,107 60,405Additional Air Rights: 16,932 16,107 33,039
Financial SummaryIncome Stream: In Place ProjectedAsking Price: $16,000,000 $16,000,000 Price Per Square Foot: $585 $585 Cap Rate 3.57% 10.59%Price Per Buildable Square Foot*: $265 $265 *Based on a community facility bonus FAR
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IN PLACE RE VENUE AND E XPENSES
Unit Tenant Expiration SF/Space Actual Rent
ST-1 Owner Occupied 163 spaces $50,000
ST-2 Restaurant 9/30/2018 $13,750
ST-3 Jeweler MTM $3,757
Total Revenue:
Monthly Revenue: $67,507
Gross Annual Income: $810,085
ESTIMATED EXPENSES MK ESTIMATEDReal Estate Taxes (14/15): $211,020
Water/ Sewer @ Tenant Pays $-
Insurance @ $1.00 / Sq. Ft. $27,366
Gas/Oil @ Tenant Pays $-
Electric @ Tenant Pays $-
Repairs @ Tenant Pays $-
Cleaning & Maintenance @ Tenant Pays $-
Total: $238,386
SUMMARY MK ESTIMATEDAdjusted Gross Annual Income: $810,085
Less Expenses: $238,386
Net Operating Income: $571,699
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Parking
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Floridita$165,0019/30/2018
Owner Occupied$600,000
MTM
Pepe$45,084MTM
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Broadway
176th Street177th Street
IN PLACE STACKING PLAN
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Floor Unit Actual SF Loss Factor (15%) Rentable SF RPSF Annual Rent
Ground Floor ST. 1 9,300 1,395 10,695 $100 $1,069,500
Second Floor ST. 2 9,300 1,395 10,695 $35 $374,325
Th ird Floor ST. 3 6,815 1,022 7,837 $35 $274,304
Fourth Floor ST. 4 6,815 1,022 7,837 $35 $274,304
Total Revenue:
Gross Annual Income: $1,992,433
Monthly Income: $166,036
ESTIMATED EXPENSES MK ESTIMATEDReal Estate Taxes (14/15): $211,020
Water/ Sewer @ Tenant Pays $-
Insurance @ $1.00 / Sq. Ft. $27,366
Gas/Oil @ Tenant Pays $-
Electric @ Tenant Pays $-
Repairs @ Tenant Pays $-
Cleaning & Maintenance @ Tenant Pays $-
Management/CAM @ 3% $59,773
Total: $298,159
SUMMARY MK ESTIMATEDAdjusted Gross Annual Income: $1,992,433
Less Expenses: $298,159
Net Operating Income: $1,694,274
PR OJECTED RE VENUE - BASED ON REDE VELOPMENT
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REDE VELOPMENT STACKING PLAN
Upper Floors7,837 rsf
$35 psf - $274,304
Upper Floors7,837 rsf
$35 psf - $274,304
Upper Floors10,695 rsf
$35 psf - $374,325
Ground Floor Retail10,695 rsf
$100 psf - $1,069,500
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TENANT PR OFILE AND LEASE ABSTRACT- FLORIDITA
Floridita
Tenant: Floridita
Premise: 4162 Broadway
Use of Premise: Restaurant
Lease Commencement Date: 10/1/2003
Lease Term: 15 years
Rent Matrix: Start End Annual Rent Monthly Rent Escalation
1/1/2006 9/30/2006 $108,000 $9,000
10/1/2006 12/31/2006 $112,320 $9,360 4.0%
1/1/2007 12/31/2007 $118,320 $9,860 5.3%
1/1/2008 9/30/2008 $120,840 $10,070 2.1%
10/1/2008 12/31/2008 $125,419 $10,452 3.8%
1/1/2009 12/31/2009 $128,090 $10,674 2.1%
1/1/2010 9/30/2010 $130,922 $10,910 2.2%
10/1/2010 12/31/2010 $135,786 $11,316 3.7%
1/1/2011 12/31/2011 $138,660 $11,555 2.1%
1/1/2012 9/30/2012 $141,834 $11,820 2.3%
10/1/2012 12/31/2012 $146,969 $12,247 3.6%
1/1/2013 9/30/2013 $150,333 $12,528 2.3%
10/1/2013 12/31/2013 $161,435 $13,453 7.4%
1/1/2014 12/31/2014 $165,001 $13,750 2.2%
1/1/2015 9/30/2015 $168,781 $14,065 2.3%
10/1/2015 12/31/2015 $174,901 $14,575 3.6%
1/1/2016 12/31/2016 $178,908 $14,909 2.3%
1/1/2017 9/30/2017 $183,155 $15,263 2.4%
10/1/2017 12/31/2017 $189,642 $15,804 3.5%
1/1/2018 9/30/2018 $194,145 $16,179 2.4%
Renewal Term: None
Utilities: Tenant assumes 100%
Real Estate Taxes: None
Security Deposit: $41,250, Tenant shall maintain the Security Deposit in an equal amount to three months fi xed rent.
Termination Clause: Landlord shall have the right to terminate the lease with one year’s prior written notice & $300,000.
Guaranty: Yes
Notes: In 2006 Floritida signed an agreement to occupy additional space on the premises.
Lease Available Upon Request
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Pepe
Tenant: Pepe
Premise: 4162 Broadway
Use of Premise: Jeweler
Lease Commencement Date: 12/1/2006
Lease Term: 5 years
Rent Matrix: Start End Annual Rent Monthly Rent Escalation
12/1/2006 12/31/2008 $36,000 $3,000
1/1/2009 12/31/2009 $42,000 $3,500 16.7%
1/1/2010 12/31/2010 $44,940 $3,745 7.0%
1/1/2011 12/31/2011 $45,086 $3,757 0.3%
Renewal Term: None
Utilities: Tenant assumes 100%
Real Estate Taxes: None
Security Deposit: $11,271, Tenant shall maintain the Security Deposit in an equal amount to three months fi xed rent.
Termination Clause: None
Guaranty: Yes
Notes: Tenant is currently MTM
Floridita Storefront Pepe Storefront
TENANT PR OFILE AND LEASE ABSTRACT- PEPE
Lease Available Upon Request
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RENDERINGS
Front Rendering
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DUE DILIGENCE- REAL ESTATE TAX BILL 4162 BR OADWAY
Previous charges $101,176.02 Amount paid $-101,176.02Interest $0.00Unpaid charges, if any $0.00
Mailing address:HEIGHT’S STORAGE GAR.INC P.O. BOX 888 STONY BROOK, NY 11790-0888
99621661402210100140001NNNP
Property Tax BillQuarterly StatementActivity through February 21, 2014
Statement Billing Summary
Owner name: HEIGHT’S STORAGE GAR.INCProperty address: 4162 BROADWAY Borough, block & lot: MANHATTAN (1), 02145, 0012
Statement DetailsFebruary 21, 2014
Height’s Storage Gar.Inc4162 Broadway 1-02145-0012
Page 2
Previous Charges Due Date AmountTotal previous charges including interest and payments $0.00
Annual Property Tax Detail
Tax class 4 - Commercial Property Tax rate Current tax rate 10.3230%
Estimated market value $4,358,000 Billable assessed value Tax rate Taxes** Tax before exemptions and abatements $1,950,300 X 10.3230% = $201,329**Tax before abatements $1,950,300 $201,329**Annual property tax $201,329**
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DUE DILIGENCE- REAL ESTATE TAX BILL 655 WEST 176TH STREET
Previous charges $1,836.47 Amount paid $-1,836.47Interest $0.00Unpaid charges, if any $0.00
Mailing address:HEIGHT’S STORAGE GAR.INC P.O. BOX 888 STONY BROOK, NY 11790-0888
99621641402210100140001NNNP
Property Tax BillQuarterly StatementActivity through February 21, 2014
Statement Billing Summary
Owner name: HEIGHT’S STORAGE GAR.INCProperty address: WEST 176 STREET Borough, block & lot: MANHATTAN (1), 02145, 0010
Statement DetailsFebruary 21, 2014
Height’s Storage Gar.Inc West 176 Street 1-02145-0010
Page 2
Previous Charges Due Date AmountTotal previous charges including interest and payments $0.00
Current Charges Activity Date Due Date AmountFinance-Property Tax 04/01/2014 $1,836.47Total current charges $1,836.47
Annual Property Tax Detail
Tax class 4 - Commercial Property Tax rate Current tax rate 10.3230%
Estimated market value $192,000 Billable assessed value Tax rate Taxes** Tax before exemptions and abatements $70,920 X 10.3230% = $7,321**Tax before abatements $70,920 $7,321**Annual property tax $7,321**
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4162 Broadway
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4162 Broadway
George Washington Bridge
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NEIGHBORHOOD DESCRIPTION - WASHINGTON HEIGHTSN
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Washington Heights can loosely be described as the area located from 155th Street to 200th Street across the entire island of Manhattan from the Hudson River to the East River. For the properties located at 651 Academy Street our neighborhood description will focus on the area centrally located around the building.
Th e history of Washington Heights and the Northern Manhattan areas date back to the Revolutionary War and the battle of Fort Washington. Fort Washington was named after George Washington, the Continental Army’s commander in Chief and the fi rst U.S. president. Th e fort was home to the worst defeat of the Continental Army during the Revolutionary war. By the 1870’s, it was known as Washington Heights and was home to wealthy New Yorkers drawn by its magnifi cent views of the Hudson River it receives by being the home of the highest point in Manhattan.
Washington Heights off ers it residents and those who visit a range of historic landmarks and museums. Th e Church of the Intercession, known as the fi nest example of Neo-Gothic architecture in New York City is located on 155 Street and Broadway is a must see for any cultural enthusiast. Trinity Cemetery encompasses 24 acres of land is now home to the social elite of the past. Th e cemetery was divided into two sections as Broadway expanded northward. Th e western division contains a majority of the older grave sites and mausoleums dating from 1843. Th e eastern division has more recent mausoleums and graves. Fort Tyron Park is the home to many estates of the past. Th e most famous is the Cloisters. Th e Cloisters, supported by the Metropolitan Museam is now home to the annual Medieval Festival and showcases one of the largest collections of Medieval artifacts. Th e Festival started in the 1970s and eventually the Medieval Festival guild and then the Washington Heights-Inwood Development Corporation have coordinated in running the annual event.
Named after New York’s oldest standing bridge, High Bridge Park is located between 160th Street and 175th Street, it was built to carry the Old Croton Aqueduct over the Harlem River. One can follow many paths through out the park and view its beautiful cliff s and nature. Th e northern end of the park is home to the High Bridge Pool and Recreation Center. Th e 165 foot by 228 foot pool is a great
NEIGHBORHOOD DESCRIPTION - WASHINGTON HEIGHTS4
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place to for New Yorkers cool off on a hot day or bask in the summer sun. Riverside Park runs along the Hudson River and merges with the newly restored Fort Washington Park between 158th and 168th Streets. Th e $30.4 million PlaNYC restoration is the fi rst of fi ve to Fort Washington Park and includes new amenities such as waterfront access, landscaping, pedestrian and greenway paths, a new playground, picnic areas, volleyball courts, and redesigned athletic fi elds. Future improvement projects will build upon and maintain the initial restoration as well restore a pedestrian bridge at 180th Street over the Amtrak line creating a connection to the center of the park where the Little Red Lighthouse is located.
Th e diverse shopping environment that exists in Washington Heights is most dense along Broadway. One can shop the many privately owned novelty shops or frequent franchise stores such as Radio Shack. Gristedes Supermarket recently opened up a Mega Store on the corner of 169th and Broadway. If one is a bargain
hunter, they should venture towards Wadworth and St. Nicholas Avenues for the best deals.
Washington Heights is full of educational and vocational opportunities. Th e area is home to schools such as Boricua College, the fi rst school to off er bi-lingual education in Spanish and English, the world-class Columbia University School for Physicians and Surgeons, and Yeshiva University, the largest and oldest American University under Jewish sponsorship. Th ese schools bring a large number of students and professors to the area from all walks of life and are an integral part of the community.
Also located in the neighborhood is the Dance Th eatre of Harlem School
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NEIGHBORHOOD DESCRIPTION - WASHINGTON HEIGHTSN
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(DTHS). DTHS is a cultural, social, and educational institution committed to providing young people of diverse backgrounds with an opportunity to receive training in classical ballet and the allied arts. Dance Th eatre of Harlem has grown into a world renowned, multicultural, neoclassical ballet company.
Upper Manhattan off ers its citizens plethora of diff erent eating options. Coogan’s located at 4015 Broadway, at 169th Street, is the local pub where many off duty cops, aspiring actors and hospital employees grab a bite to eat and unwind with a few cocktails Venturing into Fort Tyron Park? Be sure to visit the New Leaf Café and Restaurant located in a 1930s stone building. Th e restaurant overlooks the Washington Heights skyline. Bleu Evolution 187th Street is a trendy restaurant that serves great Mediterranean-infl uenced food indoors and in their garden. Th ey have a fully stocked bar and live music several times a week. Th e Tubby Hook Café off ers its clients spectacular views of the George Washington Bridge and live music. Be sure to visit around sunset for a special treat.
Th e only major hospital in the Washington Heights is the Columbia-Presbyterian Medical Center. Th e center is bounded by 165th Street, 168th Street, Broadway and Riverside Drive. New York-Presbyterian Hospital is one of the most respected university hospitals in the world, with leading specialists in every fi eld of medicine. Composed of two renowned medical centers, Columbia Presbyterian Medical Center and New York Weill Cornell Medical Center, and affi liated with two Ivy League medical institutions, Columbia University College of Physicians & Surgeons and Weill Medical College of Cornell University. According to Americas Top Doctors, a medical publication, more physicians from New York-Presbyterian Hospital were named to America’s Top Doctors than from any other hospital in the nation.
Looking towards the future and perhaps the most anticipated improvement to the neighborhood in recent memory will be the renovation of the George Washington Bridge Bus Terminal. Th e Port Authority of New York and New Jersey plan to invest just over $180 million to quadruple the current size of the existing terminal to 120,000 square feet. Th e new space will include an array of community spaces and local and national retail tenants, all the while bolstering the local economy and employment.
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