Port Authority Leased Land For Tunnel Project
HACKENSACK, N.J. (AP) -- The Port Authority of New York and New Jersey paid $95.5 million to lease land for the Hudson River tunnel project a week before Gov. Chris Christie froze it.
The agency told The Record newspaper it signed a preliminary contract for the site in 2009. The agency said breaking the deal could have brought a possible lawsuit and substantial losses.
The 2-acre tract is a mostly vacant lot on 12th Avenue at 30th Street along New York City's waterfront. It is owned by an investment group that includes Joseph Rose. Rose was a top official in the administration of former New York Mayor Rudolph Giuliani.
Christie scrapped the project because he feared cost overruns.
The Port Authority says it has been approached by several developers for use of the land.
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