John F. Kennedy International Airport’s $3 Billion Redevelopment

Fried Frank acted as counsel to RXR Realty in connection with JetBlue Airways Corp.’s proposed multibillion-dollar terminal expansion at John F. Kennedy International Airport. RXR and its partner Vantage Airport Group were selected by JetBlue to lead its planned expansion at JFK, which is estimated to cost between US$2-3 billion.

The proposed expansion comes as the Port Authority embarks upon a US$10 billion redevelopment of JFK. The Project, in order to accommodate the dramatic expected growth at the airport in the coming decades and keep New York’s economy moving forward includes the trasformation of JFK into a unified, interconnected, world-class airport; improving road access to the airport; and expanding rail mass transit to meet projected passenger growth.

RXR Realty is a vertically integrated private real estate company with expertise in investment management, property management, development, design, construction, leasing and financing. The Firm, led by Scott Rechler, Michael Maturo, Jason Barnett, Richard Conniff and Todd Rechler is based in New York.

Fried Frank advised RXR in its initial partnership agreement with Vantage, as well as an interim partnership agreement between the RXR/Vantage consortium and Jetblue.

The Fried Frank team includes real estate partner Joshua Mermelstein (Picrture), corporate real estate partner Steven Rudgayzer, tax partner Robert Cassanos, tax associate Evan M. Gusler, corporate real estate law clerk Taylor L. Procopio, and tax law clerk Evan M. Quinn.

 

Involved fees earner: Joshua Mermelstein – Fried Frank Harris Shriver & Jacobson; Steven Rudgayzer – Fried Frank Harris Shriver & Jacobson; Robert Cassanos – Fried Frank Harris Shriver & Jacobson; Evan Gusler – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: RXR Realty LLC;

 

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Author: Ambrogio Visconti