This new cargo facility at the North Cargo area of JFK will be the second facility, in addition to the Aeroterm/WFS facility that was approved last year. Both buildings are designed to enhance the handling of JFK cargo, adding more than 600,000 square feet of new cargo space. The Port authorised Executive Director Rick Cotton to enter into this lease agreement with Air Cargo for the letting of approximately 16.2 acres of land at JFK for a term of approximately 31 years and six months, and providing for the development of a new state-of-the-art cargo handing facility by Air Cargo, to be located at hangars 3,4 and 5 site at the airport.
The proposed lease to Air Cargo will begin in June 2019, and continue through 2050. It is expected that the company will invest over US$70m in the new structure, improvements and ground enhancements of the project. Rental revenue is expected to be close to US$150m over the term of the project. The Port has further authorised Air Cargo to sublease to appropriate tenants.