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The $9.5-billion construction of a new Terminal One at JFK Airport in New York City has broken ground

JFK Airport’s $9.5B New Terminal One Breaks Ground

Two years after the originally scheduled start of construction, groundbreaking has taken place on a $9.5-billion, privately financed New Terminal One at John F. Kennedy International Airport. The groundbreaking follows a revised agreement late last year between the Port Authority of New York and New Jersey and a consortium of financial sponsors. 

The severe impact of the COVID-19 pandemic on air travel led to the Port Authority and the New Terminal One (NTO) consortium restructuring the previous agreement to build and operate the new terminal. This past June, the Port Authority’s Board also voted to approve a new lead investor in the project.  

Ferrovial, a global airport operator with experience building world-class terminals, acquired 96% of The Carlyle Global Infrastructure Fund’s 51% stake in NTO. The consortium, which also includes financial partners ULLICO and JLC Infrastructure, will design, build and operate the 2.4-million-square-foot terminal. 

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About Paul Bubny

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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