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5/29/2024
The Port Authority of New York and New Jersey's board (PANYNJ) last week authorized the agency to take full ownership of the Howland Hook Marine Terminal on Staten Island under an agreement with New York City, New York state and the New York City Economic Development Corp.
The agreement enables PANYNJ to continue to oversee the agency’s Howland Hook cargo container terminal with flexibility to plan its future, port authority officials said in news release.
In exchange for control of Howland Hook, the city will gain control of the port authority's partial ownership stake in the Brooklyn Port Authority Marine Terminal in Red Hook, giving the city full ownership of the property.
The deal complements a $200 million commitment announced last year by Howland Hook’s new operator CMA CGM — the biggest investment in the terminal's history, PANYNJ officials said. The funds will pay for the reconstruction and rehabilitation of wharves and ship berths, as well as upgrades to cargo-handling equipment and the expansion of yard capacity.
The board's 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," said PANYNJ Chairman Kevin O'Toole.