On Thursday, the Board of Commissioners of The Port Authority of New York and New Jersey authorized the Port Authority to take full ownership of the Howland Hook Marine Terminal on Staten Island.
As part of an agreement with the city of New York, the state of New York and the New York City Economic Development Corporation, the move will allow the Port Authority to continue to oversee the Howland Hook cargo container terminal, as well as to fully plan the terminal’s future. In exchange for full control of Howland Hook, the city will get control of the Port Authority’s partial ownership of the Brooklyn Port Authority Marine Terminal in Red Hook. The exchange will give the city full ownership of the Brooklyn Port and allow it to reimagine its waterfront.
“Our strategic investment in the Port of New York and New Jersey and our guidance to its stakeholders have made our gateway the second-busiest port in the country, meeting unprecedented shipping demands during unforeseeable events like a global health crisis,” Port Authority Chairman Kevin O’Toole said. “Today’s Board action sets the stage for long-term expansion of Howland Hook that will add capacity, resiliency and efficiency to ensure that the Port of New York and New Jersey is competitive globally for decades to come.”
An economic analysis of the exchange in ownership was conducted by two separate, independent financial advisors, the agency said. Both of the financial advisors recommended the Port Authority proceed with the deal.
“Today’s board action is a win-win-win: it benefits the region, the City of New York, and the Port Authority. By strengthening our Howland Hook Marine Terminal through this transaction, we are driving forward one of the fundamental strategic imperatives of the Port Authority, which is the vitality of our ocean-going cargo container supply lines,” Port Authority Executive Director Rick Cotton said. “We look forward to working with our private partners to support Howland Hook’s container operation and to plan its future.”