The Port Authority of New York and New Jersey AgendaPacket Board of Commissioners Meeting 2026-06-23
SWF Development Lease Due Diligence Period Extended
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Description
The Port Authority Board approved a second supplement to Lease ASA-309 with SWF Development LLC, extending the due diligence period for corporate jet hangar development at New York Stewart International Airport to October 2026. The amendment allows additional time for environmental and geotechnical review while preserving the developer’s right to terminate under defined conditions.
Contract Details
Contract Amount
Required total investment increased to $119 million under prior supplements; no new dollar amount stated for this supplement
Vendor
SWF DEVELOPMENT LLC
Agency
Port Authority of New York and New Jersey, NJ
Contract Type
FACILITIES
Document Date
June 23, 2026
Contract Term
Original lease term 30 years with three five-year option periods; due diligence period extended to a total of 565 days concluding in October 2026
Renewal Info
Second lease supplement extends the lease’s due diligence termination period to a total of 565 days ending in October 2026; base 30-year term and three five-year options remain unchanged.
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