THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY OPENS NEW MULTI-TENANT CARGO BUILDING AT NEWARK LIBERTY INTERNATIONAL AIRPORT

Date: Aug 20, 2003
Press Release Number: 112-2003

New Building Will Support an Industry That Creates 85,000 Jobs in the Region And Generates $9 Billion in Annual Economic Activity


The Port Authority today opened a new multi-tenant cargo building with 107,000 square feet of warehouse space at Newark Liberty International Airport, bringing the airport’s total warehouse cargo space to 1.45 million square feet and strengthening what already is the world’s largest air cargo market.

The facility, representing a $33.4 million Port Authority investment, is located in the airport’s North Area, with easy access to Port Newark and the region’s major highways. Its features include:

• 12 warehouse bays, each measuring between 8,500 and 9,300 square feet.

• 3,100 square feet of finished office space on the first floor.

• 20,000 square feet of unfinished space suitable for future offices on a second-floor mezzanine level.

• 33 truck docks and 128 employee parking spaces.

• Three to four aircraft parking positions, depending on size of wingspans.

New Jersey Governor James E. McGreevey said, \"New Jersey’s economy grows stronger through public investments such as this new cargo facility. And in strengthening our economy, we’re also enhancing our standing as the world’s largest air cargo market – an industry that creates 85,000 jobs in this region and spurs $9 billion annual economic activity, including $3 billion a year in wages and salaries.\"

Port Authority Chairman Anthony R. Coscia said, \"The investment in air cargo facilities at our airports again validates the Port Authority’s commitment to economic development. By next year, the Port Authority and private developers together will have invested nearly $1 billion to build nearly 3 million square feet of new cargo space at Kennedy and Newark airports since 1992 – more than the combined cargo space at airports in Charlotte, Denver, Philadelphia, Pittsburgh and San Francisco.\"

Port Authority Executive Director Joseph J. Seymour said, \"Our region and the nation as a whole reap countless benefits from the more than 25,000 commodities handled by air cargo companies at the Port Authority’s airports, so it’s imperative upon us to continue our aggressive investment in the future of this important industry.\"

The new building, part of a $3.8 billion public-private redevelopment program at Newark Liberty International Airport, is complemented by a new 435,000-square-foot cargo facility that opened at John F. Kennedy International Airport last month.

The New York/New Jersey region is the world’s largest air cargo market. In 2002, the region handled more than 2.5 million tons of cargo. In the first four months of 2003, more than 850,000 tons of air cargo had been handled at Port Authority airports, representing an increase of 8.2 percent over the same period in 2002.

Nearly 25 percent of the air cargo imported to the United States comes through Kennedy and Newark airports, which are home to more than 1,000 cargo companies, including airlines, cargo handlers, brokers, truckers and freight forwarders.

The Port Authority of New York and New Jersey operates some of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; the George Washington Bridge; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH rapid-transit system; the Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan. The Port Authority is financially self-supporting and receives no tax revenue from either state.