Port Authority won’t sell Red Hook Container Terminal anytime soon

Agency will issue rfp for new operator in August

TRD New York /
Jul.July 21, 2017 07:30 AM

It doesn’t look like the Port Authority of New York and New Jersey plans to sell the 80-acre Red Hook Container Terminal anytime soon, mostly due to — you guessed it — politics.

The bi-state agency plans to issue a request for proposals next month seeking bidders who will continue to run the terminal as a shipping facility, Crain’s reported. The terminal’s current operator, Red Hook Container Terminal LLC, has a lease that expires in September 2018. The Port Authority will start looking for another five-year tenant in August.

Agency officials have long mulled selling off the Port Authority’s various real estate assets. Last month, John Degnan, the Port Authority’s New Jersey-appointed chairman, again floated the idea of selling the terminal. A number of state politicians, however, are opposed to any sale of the site, and difficult logistical challenges and run-of-the-mill politics have put the kibosh on any imminent sale, Crain’s reported.

Last year, Chris Ward, Port Authority alum turned AECOM executive, proposed a plan to build up to 45 million square feet of residential space in Red Hook on several different sites, including the terminal.[Crain’s] — Kathryn Brenzel


Related Articles

arrow_forward_ios
348 Court Street (Photo by Justin Heiman/Getty Images)

Collapses raise questions about safety-law exemption

Collapses raise questions about safety-law exemption
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
Assemblyman Harvey Epstein and Senator Brad Hoylman (Epstein by Erik McGregor/LightRocket via Getty Images; Hoylman by Roy Rochlin/Getty Images)

Lawmakers introduce bill to keep rent regulation alive

Lawmakers introduce bill to keep rent regulation alive
China’s housing market is into bubble territory

There are fears of a great housing bubble in China

There are fears of a great housing bubble in China
Governor Andrew Cuomo (Getty, iStock)

What NYC’s phase 4 means for real estate

What NYC’s phase 4 means for real estate
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
arrow_forward_ios

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

Loading...