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JFK airport renovations to cost $13B

Rendering of new JFK airport (Credit: Office of Governor Cuomo)

Governor Cuomo announced that renovations of JFK airport will cost $13 billion, Newsday reported.

Cost breakdown: Airlines have committed $10 billion to building new terminals; private companies have pledged another $2 billion; and the Port Authority will spend $1 billion. 

Interesting Angle: JetBlue has proposed to demolish Terminal 7 and build a $3 billion international terminal that would connect to the airline’s hub in Terminal 5. One of the airline’s development partners is Scott Rechler’s RXR Realty.

Heard on the Street: “Plans call to turn the airport into a global shopping mall. The captive audience of travelers waiting to board planes are enticed to spend money in sleek shops and restaurants… J.F.K. has been very slow to recognize that there’s more money to be made on the ground than in the planes.”

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