The deal between hotelier André Balazs and the Port Authority of New York and New Jersey to redevelop the TWA terminal at John F. Kennedy International Airport, is off, Crain's has learned.
In a statement issued by his company, André Balazs Properties, the hotelier said, "Standard International was invited to enter into exclusive negotiations based on its unique plans and designs for the adaptive re-use of the legendary building. After more than two years of negotiations, Standard International has been unable to reach a final agreement with the Port Authority and announced today that it will no longer pursue the project."
The company declined to elaborate on the nature of the breakdown. The Port Authority said in a statement that it is "already in discussions with a second prospective candidate from the request for proposal process to redevelop the historic TWA Flight Center," as the building is called.