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Airis Corp. to develop two JFK air cargo facilities.

New York City Economic Development Corporation President and New York City Industrial Development Agency (IDA) Chairman Andrew M. Alper announced that the IDA, on behalf of the city, has issued approximately $161 million in Special Airport Facility Bonds for Airis Corporation to develop two air cargo facilities at John F. Kennedy International Airport.

The announcement was made at a groundbreaking ceremony Alper attended on behalf of New York City Mayor Michael R. Bloomberg.

The IDA previously approved a tax incentive package of approximately $12.4 million in mortgage recording tax waivers and sales tax exemptions for the project in addition to providing access to the triple tax-exempt bond market.

"This is an important initiative for JFK and the city," said Bloomberg. "With JFK as a global air cargo hub, it is imperative that carriers have access to world-class cargo facilities. With this project, New York City will gain more than 435,000 SF of state-of-the-art air cargo facilities. These facilities will provide improved services to companies currently operating at the airport, and will attract new air cargo carriers and related businesses to JFK."

"We have worked with many different parties to make this landmark project a reality," said Airis Chairman Dave Garrett III. "Our aim is to build the premier air cargo terminal in JFK's extraordinary history. Our experienced team is ready to meet this goal for Kennedy Airport, Mayor Bloomberg, Governor Pataki, and the Port Authority. Airis is immensely proud to be working with our public-sector partners on this important project."

This initiative, a cooperative effort between the City of New York and the Port Authority of New York and New Jersey, represents the first ever mortgage-backed financing on JFK Airport property, and the first Agreement to Enter Into Lease issued by the City of New York. This agreement promises to give Airis lease rights for the 30-year duration of the project's financing.

The future facilities are 100% pre-leased by some of the largest cargo operators in the industry, including Lufthansa Cargo, Gateway Cargo Service Center, Alliance Air, and Lufthansa Technik, an aircraft logistics subsidiary of the airline.

Scheduled for completion in the summer of 2003, the project will generate more than 2,000 construction jobs and more than 500 permanent jobs.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Apr 24, 2002
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