Sky Harbour Group Corporation announced that the Port Authority of New York and New Jersey (PANYNJ) has authorized the execution of a lease amendment to expand Sky Harbour’s development site at New York Stewart International Airport (SWF) from 16 acres to 26 acres. The expansion is expected to increase rentable hangar square footage by approximately 150,000 square feet and create a more efficient site layout.
“Sky Harbour is seeking to expand the square footage of our existing airport ground leases in the nation’s top markets,” said Tal Keinan, Sky Harbour’s chairman and CEO. “New York is the top home-basing market in business aviation, and SWF will serve as the home base for New York’s largest business aircraft. This expansion will bring Sky Harbour: 1) increased revenues; 2) development cost advantages resulting from a more efficient site layout and 3) enhanced operating margins, not only at SWF, but also at POU [Hudson Valley Regional Airport] and BDL [Bradley International Airport].”
The Sky Harbour SWF campus will house New York’s corporate and private business aircraft in state-of-the-art hangars, with line services dedicated exclusively to based tenants. The Sky Harbour development is expected to create or sustain hundreds of local jobs and generate meaningful economic benefits for the City of Newburgh, the Town of New Windsor, Orange County and the Hudson Valley region.
