Westchester County picks Macquarie for airport P3

10 November 2017 - 12:00 am UTC

Macquarie Infrastructure Corporation has been chosen as the preferred bidder for the Westchester County Airport P3.

The project is valued at USD 1.1bn, according to a 9 November statement from County Executive Robert Astorino’s office. Officials and county legislators voted unanimously for the Macquarie team.

Macquarie and members of Astorino’s staff must now finalize the lease. Twelve members of the county’s Board of Legislators must vote in favor of the lease before the transaction can proceed.  
It was unclear from the current Board of Legislators calendar when a vote would take place.  

Notably, Astorino on 7 November lost his seat to Democratic State Senator George Latimer after serving two terms as county executive. Latimer according to local news outlets described the incumbent’s decision to move forward with the deal as he is leaving office “unconscionable.” 

Macquarie’s proposal involves paying Westchester County USD 1.145bn for the duration of the 40-year lease, according to the statement. The firm made a USD 595m financial offer for the project, and agreed to commit USD 550m in capital funds in order to maintain and improve the airport’s infrastructure.  

The HPN Aviation team bid USD 626m for the project, but would only commit USD 271m in capital funds.  

Details around the third bidder, FerroStar Westchester Airport Partners, could not by press time be determined. 

Astorino’s office was not immediately available for comment.  

Frasca & Associates (financial) and Squire Patton Boggs (legal) advised the county. Norton Rose Fulbright advised Macquarie.