New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Port Authority Okays $4.5B in Airport Projects
The $2-billion AirTrain LaGuardia project got the nod from the Port Authority of New York and New Jersey’s Board of Commissioners, along with $2.5 billion of other airport infrastructure projects. The authority’s board approved the development of a rail line connecting LaGuardia Airport to a new station at Willets Point, linked to enhanced Long Island Rail Road service to and from Manhattan.
The board authorized another $2 billion to develop a new AirTrain Newark serving Newark Liberty International Airport. The new AirTrain would replace a three-mile monorail system that opened in 1996 and has outlived its useful life.
Additionally, the board allocated $445 million for early work items to facilitate the development of the $13-billion JFK Redevelopment Program, including the creation of new aircraft hardstand parking. All three projects, along with a $35-million authorization for planning toward eventual replacement of Newark Liberty’s existing Terminal B, are subject to environmental review.
Pictured: AirTrain LaGuardia rendering.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
