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SOHO China's CEO Zhang Xin at Davos this past January. (Courtesy World Economic Forum)
After the New York Times’s Charles Bagli broke the story on Tuesday that Vornado was no longer moving forward with plans to build the Richard Rogers-designed tower atop the Port Authority Bus Terminal, reporters descended on the Port’s board meeting on Wednesday. A transcript of the Q&A provided by the Port Authority reveals that while Vornado may be out of the picture, the Port hasn’t entirely dropped tower development from its list of possibilities, it’s just been put onto their gargantuan real-estate to-do list. Newly installed Patrick J. Foye hinted that the board was none-too-pleased with the snail like pace of development—it had been in the works for a decade. The deal fell through when Vornado’s Chinese backers pulled out casting an eye beyond the West Side to the East, Park Avenue that is.