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$1.9 billion loan from the Transportation Infrastructure Finance and Innovation Act (TIFIA) will fund the replacement of New York City's aging Port Authority Bus Terminal, a project with a budget of $10 billion. The terminal, which opened in 1950, has been described as one of the worst places on earth by comedian John Oliver. Despite decades of talk about modernizing or replacing it, the project was delayed due to objections from West Side leaders and residents.

    The Port Authority is trying to balance competing interests, including placating elected officials, residents, and bus riders who don't want their service disrupted. The agency also wants to future-proof the complex by predicting how people will commute decades from now. With a loan in place, construction can finally begin on the long-overdue project.

    In other news, the City Council's mandate for racial impact studies has added another expense and layer of regulation to housing construction. Meanwhile, RXR and TF Cornerstone are seeking up to $4.84 billion in low-cost transportation financing from the Trump administration for their $6 billion supertall at 175 Park Avenue.

    A new law limiting criminal background checks for co-op applicants has led some companies to let co-op boards check a box to exclude certain information. However, attorney Julie Schechter advises boards to still review felony convictions from more than five years ago.

    Residential sales included a $9.4 million condominium at 1 West End Avenue in Lincoln Square and a $25.4 million retail property at 73 Wooster Street in Soho. The highest-priced residential listing is a $29 million triplex at 1110 Park Avenue in Carnegie Hill.