Lease agreement approved for JFK Terminal One project

22 November 2019 - 12:00 am UTC

The Port of Authority of New York and New Jersey (PANYNJ) approved the lease agreement for the DBFOM of the JFK Terminal One Development and Expansion project, the authority said on 21 November.

The project is estimated to cost USD 7.4bn.

The lease, negotiated between the PANYNJ and the city of New York will expire in 2050, said sources familiar with the situation.

The equity sponsors in the deal are Carlyle, Ullico and JLC Infrastructure. The deal will be also be funded by a mix of bank, municipal and private placement debt over time, said sources familiar with the situation.

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