The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
The Orange County Partnership reported that the two leases will facilitate a combined more than 300,000 square feet of new development at the airport.
NEW WINDSOR—The Board of Commissioners for the Port Authority of New York and New Jersey approved two new corporate hangar leases at New York Stewart International Airport here on May 23 that will facilitate approximately $119 million in new development at the property.
The Port Authority reported the leases will develop a parcel of airside property at New York Stewart International Airport with the goal of expanding the Hudson Valley airport’s capacity to meet burgeoning demand for private or corporate jet facilities and access in the region. The parcel, which is not in use, will be developed into two general aviation aeronautical support facilities, according to the Port Authority.
The Orange County Partnership reported that the two leases will facilitate a combined more than 300,000 square feet of new development at the airport.
The first lease deal is with SWF Development, LLC (SWFD), a development consortium composed of Sky Harbour, LLC of White Plains, MJJ Builders, Corp. of Warwick and Passero Associates of Newburgh, which will construct approximately 13 corporate jet hangars totaling 182,000 square feet The second lease deal inked by the Port Authority is with Aviation Facilities Company Management, LLC, of Washington, DC, which will construct two hangars totaling 125,000 square feet.
“The commissioners’ vote today to develop New York Stewart is ultimately a vote of confidence in the airport,” said Port Authority Chairman Kevin O’Toole. “We want to maximize the full potential of every square foot of New York Stewart so that it can fulfill its goal as a driver of economic activity in the Hudson Valley and beyond.”
“New York Stewart is unique among the Port Authority’s airports since it has the capacity and flexibility to meet demand for general aviation use that is not the focus of our major airports,” added Port Authority Executive Director Rick Cotton. “The vote today approving two facilities to support general aviation shows that the Port Authority is responsive to the changing needs of the region’s business community, and that New York Stewart will be a significant part of increasing the region’s economic vitality.”
The developers have indicated to the Port Authority that the new leases will help create an estimated 245 permanent private-sector jobs in the region, as well as 260 jobs stemming from the construction of the proposed facilities. In keeping with the Port Authority’s commitment to driving diversity and local economic opportunities, the leases include ambitious goals to involve local businesses, minority and women-owned business enterprises (MWBE) and service-disabled veteran-owned businesses (SDVOB).
The leases also require the tenants to align with the Port Authority’s sustainability goals, which include the construction of facilities that meet or exceed current industry-leading building energy efficiency standards and achieve net-zero emissions by 2050.
Local officials hailed the two lease deals as a clear sign that New York Stewart International Airport will be a focal point for economic growth in the region.
Steve Neuhaus, Orange County Executive said, “Supporting economic development at New York Stewart International Airport has been one of my top priorities as County Executive. SWF is a community and economic gem in Orange County, a key asset for traveling families and corporate businesses alike. The SWF Development and AFCO hangar projects will be a welcome addition to the growing economy of Orange County.”
“We applaud the Port Authority of New York and New Jersey for their vision in allowing these economic development projects to proceed,” said Maureen Halahan, president and CEO of the Orange County Partnership. “The Port Authority’s investment in New York Stewart International Airport is an investment in our future, creating jobs and new opportunities throughout the region. This will be a catalyst for economic development projects at Stewart Airport for many years to come.”
“Stewart International Airport's strategic focus on expanding services for corporate jets and charter operations will drive substantial economic growth in our region,” said Heather Bell, president and CEO of the Orange County Chamber of Commerce. “This initiative not only boosts revenue through increased fuel flowage and land rents but also attracts specialized companies and skilled labor, further enhancing our business community. Importantly, this growth is being achieved without compromising our commitment to cargo development or commercial air service expansion, ensuring a balanced and thriving economic environment for Orange County.”
Lease execution on the two transactions is expected in fall 2024, with operations of the new facilities expected to begin in 2028.
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
NAR continues to believe that offers of compensation are an important option to help make professional representation more accessible.
Starting out in her 20s, Rondon worked with real estate legend Faith Hope Consolo while at Garrick Aug Associates, where she spent 13 years.
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun.
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