Lease extensions approved for New York seaport terminals

A new 35-year lease extension has been granted for the 202-acre Howland Hook facility, extending the existing lease through to June 30, 2058. This will enable PANYNJ to maintain long-term strategic control of a container terminal within the port, realising the benefit of previous investments and committing to making a US$110m future capital investment at the terminal.

Approval was also given for a separate new 20-year lease agreement with the New York City Economic Development Corporation for the operation of a passenger cruise terminal at Piers 11 and 12 in the Brooklyn-Port Authority Marine Terminal, with an option of three lease extensions to 2058.

PANYNJ Chairman, Anthony Coscia, said, “This action demonstrates our confidence in the port as an engine for jobs and economic growth. Although our maritime business has flattened during the national recession, we know the tide will turn and business will return, creating hundreds of thousands of jobs and providing the region with a major economic lift.”