SI terminal control battle

A stalled deal between the Port Authority and the operator of the Howland Hook terminal on Staten Island could result in the closing of the terminal, which has been one of the fastest growing ports in the region and has boosted Staten Island’s economy. At issue is how much money the terminal’s current operator, Orient Overseas International Limited, should pay the Port Authority before the authority allows Orient Overseas to sell its lease on the space to the Ontario Teachers’ Pension Plan Board. Orient Overseas is offering the Port Authority $5 million; the Port Authority is asking for $37 million before it approves the lease sale, which would bring Orient Overseas $470 million. more [NYT]