Tishman, big banks make final cut for $2.4B LGA terminal

New York /
Aug.August 01, 2013 08:30 AM

Tishman Construction and a host of big banks are finalists in the race to put up a new $2.4 billion terminal at LaGuardia Airport, Crain’s reported.

The Port Authority of New York and New Jersey has tapped four partnerships of developers, architects and financial giants. The one with the biggest power players is called LaGuardia Gateway Partners, which includes Tishman and financial giants Morgan Stanley, Wells Fargo and Citigroup.

More than a dozen groups competed for the project, which calls for 1.3 million-square-foot terminal to replace a 835,000-square-foot one that opened in the mid-1960s. The new building, which will have the same number of gates — 35, is expected to be completed in 2021.

The winning bidder will pay for the building, but pocket a cut of the revenue from airline leases and rents from stores and restaurants.

“We’re thrilled that the Port Authority is making real progress advancing an innovative public-private partnership to bring LaGuardia Airport into the 21st century,” Thor Equities’ Joseph Sitt, who has been advocating for change at the city’s airports, told Crain’s.

“The project should ultimately serve as a model for bringing private sector resources into modernizing airport infrastructure,” Sitt added.  [Crain’s] — Hiten Samtani


Related Articles

arrow_forward_ios
Thor Equities’ Joe Sitt and 933 Broadway (Thor)
Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
Thor Equities can keep $1.2M deposit on failed 933 Broadway sale: judge
470 Broadway and Thor Equities' Joe Sitt (Thor Equities)
Valuation of Thor Equities’ 470 Broadway slashed
Valuation of Thor Equities’ 470 Broadway slashed
Andrew Cuomo with the Port Authority Bus Terminal, Penn Station, and AirTrain JFK (Getty, ajay_suresh via Flickr, Ad Meskens/Wikimedia)
Three key Cuomo projects now on Kathy Hochul’s plate
Three key Cuomo projects now on Kathy Hochul’s plate
Port Authority Inks Deal to Bring $145M Cargo Hub to JFK (iStock)
Port Authority inks deal to bring $145M cargo hub to JFK
Port Authority inks deal to bring $145M cargo hub to JFK
Thor Equities Group Chairman Joseph J. Sitt. (Thor)
Thor facing foreclosure on Harlem rental building
Thor facing foreclosure on Harlem rental building
CBRE CEO Robert Sulentic and One World Trade Center (CBRE, iStock)
Port Authority taps CBRE to manage WTC
Port Authority taps CBRE to manage WTC
ASAP Holdings CEO Frank Yuan and LaGuardia Marriott
LaGuardia Marriott and development site combo sell for $100M
LaGuardia Marriott and development site combo sell for $100M
Silverstein Properties’ Larry Silverstein and Brookfield’s Brian Kingston (Getty/Illustration by Kevin Rebong for The Real Deal)
Port Authority taps Silverstein, Brookfield to build 5WTC
Port Authority taps Silverstein, Brookfield to build 5WTC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...