The Real Deal New York

Port Authority budgets billions for airports, WTC

February 04, 2014 06:00PM

The Port Authority of New York and New Jersey earmarked $8 billion of its 10-year capital budget to extensively renovate its airports.

The agency plans to raze Terminal 3 at John F. Kennedy International Airport and redevelop the primary terminal building at LaGuardia Airport. In New Jersey, the PATH train is set to extend its service to connect to Newark Liberty Airport’s Air Train. Newark airport renovations would follow in five years.

The $28 billion budget would also allocate $5 billion for the World Trade Center redevelopment project. The Port Authority has already spent about $10 billion on that project.

“This is probably the biggest investment in airports ever,” Scott Rechler, vice chair of the Port Authority and RXR Realty CEO, told Crain’s. [Crain’s]Mark Maurer