For the third time, a deal between Vornado Realty Trust, its Chinese investment partner, and the Port Authority has fallen through to develop a 40-story office tower atop the Port Authority Bus Terminal in midtown Manhattan.
"On Oct. 20, the Port Authority board voted to extend the agreement retroactively from Aug. 8, 2011, to Feb. 6, 2012, after Vornado said it had struck a deal with its Chinese partner, SOHO China, to invest $600 million in the project.
But the agreement was never signed by either Vornado or the Port Authority, although negotiations continued over the terms. The developer was to have paid the cost of the terminal renovations, which were estimated at $400 million or more.
SOHO China recently paid $600 million for a 49 percent stake in Park Avenue Plaza, a 45-story office tower at 299 Park Avenue."
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