N.Y.-N.J. Port Authority approves Port Newark lease
The Port Authority of New York and New Jersey at its monthly meeting last week authorized a 10-year lease extension with Harbor Freight Transport Corp. for Building 301 and associated open area at Port Newark to operate an import/export and overweight and oversized cargo storage and distribution facility.
Harbor Freight will pay basic annual rental of $839,723 commencing Nov. 1, with the basic rental to escalate on Nov. 1, 2008 and every year thereafter during the term of the letting, at 100 percent of the Regional Consumer Price Index, with a minimum increase of 3 percent and a maximum increase of 5 percent compounded annually.
In addition, the port authority has the right to take back portions of the leasehold and to replace them with equivalent space at Port Newark to accommodate planned auto processor consolidation and street closure.
In other action, the authority’s commissioners authorized:
* A five-year lease extension with the U.S. Postal Service for Building 345 at Newark Liberty International Airport.
* An amended lease with the Seamen’s Church Institute of New York and New Jersey to allow a satellite training facility to operate on its site to provide for social services such as job training and other activities.
* $17.1 million for a number of capital improvements at Stewart International Airport, including two projects intended to alleviate the parking shortage and improve access to the airport. The improvements will include a $7.5 million project to realign and improve the connection from Interstate 84, and create about 1,300 additional parking spaces.
N.Y.-N.J. Port Authority approves Port Newark lease
