The construction of John F. Kennedy International Airport’s (JFK) New Terminal One (NTO), a project Steer has supported since 2017, will begin this summer after reaching a successful financial close last week.
NTO will be a transformational project for JFK and the New York region, providing a new, 2.5 million square foot terminal building and creating 10,000 new jobs in the region.
Steer is proud to have supported the development team for what will be JFK's largest international terminal, and congratulates the entire project team on a successful financial close.
Steer has been lead traffic and business plan advisor to the developer consortium since 2017, working with a world-class group that includes The Carlyle Group, JLC Infrastructure, Ullico, and, most recently, Ferrovial.
NTO is a part of the Port Authority of New York and New Jersey’s vision for transforming JFK and Steer’s support for the project is in line with our core mission of helping people, places and economies thrive.
The first phase, which will include a new arrivals and departures hall and the first set of new gates, is scheduled to open in 2026.
Update
12 months since successfully reaching financial close and 6 years since Steer first engaged with the project team, the New Terminal One is now building above ground and is progressing towards erecting steel as the project progresses towards a planned opening in 2026. Steer is pleased to continue to provide support to this transformational project and the consortium of project sponsors including Ferrovial, JLC Infrastructure, Ullico, and Carlyle.
We are exceptionally pleased that JFK's New Terminal One was named North America Airport Deal of the Year at the 2022 Proximo awards. This prestigious recognition highlights the exceptional nature of this project and the dedication of all those involved. Steer is proud to have played our part as expert market and technical consultant providing perspectives on business planning and commercial negotiations for this award winning project, and we extend our congratulations to everyone involved for a job well done.
Update - December 2023
The New Terminal One (NTO) at New York John F. Kennedy International (JFK) has concluded a successful refinancing with a $2 billion bond issuance. Steer has been supporting the terminal development team since 2017 as the lead traffic and business advisor.
NTO is part of the Port Authority's $19 billion transformation of JFK into a global gateway to the New York metropolitan area and the United States.
Steer is proud to have supported the development team of Ferrovial, JLC Infrastructure, Ullico, and Carlyle to achieve this important milestone.
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