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Sell Real Estate to Fund Tunnel, Port Authority Head Degnan Says

  • Failure to build Hudson tunnel has ``catastrophic potential''
  • ``You can plan forever or move the project ahead'' says Degnan

Port Authority of New York and New Jersey Chairman John Degnan said the agency should sell its real-estate holdings to fund critical transportation infrastructure such as a new tunnel under the Hudson River and a replacement for its neglected 66-year-old bus terminal near Times Square.

Failure to build a new $20 billion Hudson River tunnel and fund rail improvements has “catastrophic potential,” not only for the hundreds of thousands that commute to New York City from New Jersey but also for Amtrak’s Northeast Corridor, Degnan said at Bloomberg’s Future of Transportation Conference in New York City. The only rail links to Manhattan for Amtrak and New Jersey Transit are at capacity, while peak commuter demand is expected to double by 2030, according to the Port Authority.