The Port Authority of New York and New Jersey Should Sell Its Real Estate
Crain’s reports today that Democrats in New Jersey’s State Senate have called upon the Port Authority to sell its real estate, including the iconic One World Trade Center.
I couldn’t agree more, especially given that we are at a time in history where commercial real estate values have hit an unprecedented high and regional transportation infrastructure is either woefully inadequate or operating above capacity (significantly in some places).
The Port Authority should devote its resources to its core functions, which do not include developing for-profit commercial office towers in Manhattan. Leave that to the pros. This would enable the Port Authority to unlock billions of dollars and apply it toward projects which are actually meaningful to its constituents and can have a positive impact on the region for years to come, such as Amtrak’s Gateway tunnel project.
Those are my two cents, but it would make for good public policy.
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