The Port of New/New Jersey acquires more port land

Acquisition of the property will add 4.5% to the Port Authority’s total port acreage on both sides of the Hudson River, and represents a strategic move to ensure scarce waterfront land remains available for port commerce under public stewardship. Despite the global economic decline in recent years, the Port Authority remains confident that the shipping industry will rebound and come back strong, and the agency will make certain it has the capacity to meet future demand.

The Port Authority has agreed to pay the Bayonne Local Redevelopment Authority US$235m over twenty-four years to obtain title to the Hudson River property together with permanent easements over the roadways on the MOTBY peninsula for operational and emergency use.

No decisions have been made yet on how to redevelop the parcel, which represents nearly one-third of the total MOTBY peninsula, but the agency’s action will lock in the land for port use and preclude other development.