JFK Airport Redevelopment Continues with $145M Ground Lease for Cargo Facility
The Port Authority of New York and New Jersey on Wednesday announced the signing of a long-term ground lease agreement with Aeroterm for the development of a $145-million, 350,000-square-foot cargo facility on more than 26 acres at John F. Kennedy International Airport. The Aeroterm project represents the first new cargo facilities built at JFK in two decades.
Aeroterm will demolish two obsolete facilities at JFK and build an expanded cargo facility incorporating advanced technology systems designed for maximum efficiency in handling and storing cargo, as well as a dedicated temperature-controlled area for handling pharmaceutical products.
Demolition of the existing facilities is scheduled to begin in September. Project completion is expected by the end of 2023.
“This cargo modernization program is a critical step forward in the overall redevelopment of JFK airport, at a time air cargo is vital to our regional economic vitality,” said Port Authority chairman Kevin O’Toole.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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