THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY ANNOUNCES ADDITION OF 407-ACRE SITE
IN SOUTH KEARNY TO FOREIGN TRADE ZONE NO. 49
Date: May 02, 2006
Press Release Number: 34-2006
A 407-acre industrial site in South Kearny, N.J., has been granted Foreign Trade Zone status, providing its tenants with significant financial benefits.
The new status will provide companies located in the Port Authority-administered Foreign Trade Zone 49 with lower insurance costs, the ability to shorten transit time for their deliveries by removing delays from U.S. Customs clearances, and the ability to either defer duty rates or eliminate them entirely if the goods are reshipped out of the country.
Port Commerce Director Richard M. Larrabee said, “Our foreign trade zone has consistently been ranked No. 1 in the country, supporting billions of dollars in economic activity and more than 6,800 jobs. The 2,911-acre zone helps to stimulate economic growth and development in the region, while creating a stronger system to support international trade.”
The South Kearny site consists of buildings totaling 5.5 million square feet, with a potential expansion that would include additional buildings totaling 500,000 square feet. It includes businesses that manufacture, warehouse and distribute various kinds of merchandise. Tenants include distributors for garment companies, department and specialty stores, and handlers of perishable foods.
In addition to South Kearny, the zone includes the Port Newark/Elizabeth-Port Authority Marine Terminal complex; an industrial park in Elizabeth; the Port Authority Auto Marine Terminal; Global Marine Terminal and the Greenville Industrial Park, both in Jersey City; a site at Route 169 and Pulaski Street in Bayonne; and a 40-acre tank farm and fuel distribution system at Newark Liberty International Airport.
Foreign Trade Zone 49 also sponsors seven active subzones in New Jersey: Bristol-Myers Squibb Company in New Brunswick; Chevron Products Company in Perth Amboy; AZ Electronic Materials USA Corp. in Somerville; ConocoPhillips in Linden; Firmenich, Inc., in Newark and Plainsboro; Merck & Co. Inc. in Rahway; and Movado Group, Inc. in Moonachie.
More than $3.9 billion in foreign merchandise was received in Foreign Trade Zone 49’s general-purpose zone in the 2004 fiscal year, according to the latest report of the U.S. Commerce Department’s Foreign Trade Zone Board. Total merchandise received and forwarded in the general-purpose zone and subzones was $17.3 billion.
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-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.