GWB Terminal Developers File For Bankruptcy: Court Docs

WASHINGTON HEIGHTS, NY — The development group behind the troubled George Washington Bridge Bus Terminal renovation has filed for bankruptcy, citing liabilities of up to $500 million, according to court documents.

The entity, known as the George Washington Bridge Bus Station Development Venture LLC, filed for Chapter 11 bankruptcy Monday in the Southern District of New York, according to court documents. Politico was the first to report on the filing.

Developers estimated assets between $50 million and $100 million with liabilities between $100 million and $500 million, according to the bankruptcy filings. The George Washington Bridge Bus Station Development Venture LLC has about 50 to 100 creditors owed money by the development firm, according to the court documents.

Some of the developments largest creditors include the contracting company Tutor Perini, which is owed an estimated $23 million, and Goldman Sachs, which is owned a litte more than $19 million, accoridng to the court documents.

Monday's bankruptcy filling is the latest blow to the development firm that partnered with the Port Authority of New York and New Jersey on an ambitious project to rebuild Washington Heights' George Washington Bridge Bus Terminal more than a decade ago in 2008.

The renovation project was expected to cost $183 million and take one year to complete — it ended up taking three years and close to $200 million, Port Authority officials said when the station reopened in 2017.

Bankruptcy is not expected to have an effect on current operations at the bus terminal, which are run by the Port Authority.

"The Port Authority has been notified that the existing private-sector developer of the George Washington Bridge Bus Station has voluntarily filed for bankruptcy protection. This development will not impact day-to-day activity at the Bus Station. It will not impact bus service, which is managed directly by the Port Authority. And it will not impact the Bus Station’s existing retailers, which have leases to conduct business at the Station," a Port Authority spokeswoman said in a statement.

Improvements made to the uptown transit hub included an expanded capacity from 17 to 22 bus gates, new seating for 125 passengers, improved handicap accessibility and the construction of a retail terminal with space for both anchor tenants, local small businesses and community organizations.

Developers have been criticized in the past for misleading small businesses that leased space in the new station. Due to construction delays, a number of small businesses had to delay their opening by years, throwing many of the ventures into a financial hole. The George Washington Bridge Bus Station Development Venture LLC will remain as the operator of the terminal's retail portion during bankruptcy proceedings.