Series 223Rd-226Th Official Statement
SUPPLEMENT DATED FEBRUARY 3, 2021 TO THE OFFICIAL STATEMENT DATED JANUARY 21, 2021 Relating to $486,580,000 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY CONSOLIDATED BONDS, TWO HUNDRED TWENTY-THIRD SERIES* $420,020,000 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY CONSOLIDATED BONDS, TWO HUNDRED TWENTY-FOURTH SERIES $400,000,000 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY CONSOLIDATED BONDS, TWO HUNDRED TWENTY-FIFTH SERIES** $205,350,000 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY CONSOLIDATED BONDS, TWO HUNDRED TWENTY-SIXTH SERIES* This Supplement, dated February 3, 2021 (this “Supplement”), supplements the Official Statement, dated January 21, 2021 (the “Official Statement”), relating to the above-captioned bonds, as described below. This Supplement must be read together with the Official Statement. Capitalized terms used but not defined herein have the meanings given to such terms in the Official Statement. The paragraph below will replace, in its entirety, the first paragraph under the heading “Impacts from the COVID-19 Pandemic – Operational Update – Rents & Property Use Charges” in the Official Statement: Some tenants who pay rent to lease Port Authority office space or locate and operate businesses at Port Authority facilities have also been affected by the reduced activity levels or have otherwise been impacted by economic conditions; such tenants may be unable to meet certain obligations to the Port Authority and some have requested rent relief or other concessions, including Advance Magazine Publishers, Inc. (d/b/a Condé Nast) (“Advance”), the anchor tenant at 1 WTC. Advance has requested that it reduce the square footage and rent per square foot for the remaining space under its lease and has, without legal justification, unilaterally withheld approximately $2.4 million of the rent payment due and owing for January 2021; it may continue to do so at that level or a higher level unless a resolution is reached.
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