NYCRC to provide a $35 million loan to assist with the redevelopment of Building 78 at JFK Airport into a modern cargo and animal handling facility

NEW YORK, NY – November 10, 2016 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing a $35 million loan to an affiliate of Racebrook Capital, the real estate company selected by the Port Authority of New York & New Jersey to oversee the redevelopment of a cargo facility at John F. Kennedy International Airport (“JFK Airport”).   JFK Airport is one of the world’s busiest international airports and the largest in New York City.

The Port Authority of New York & New Jersey and the City of New York have created a strategic plan to grow JFK Airport’s air cargo business and maintain the airport as a world-class facility.  This plan includes both redeveloping new cargo facilities at the airport.

The project includes the redevelopment of Building 78 at JFK Airport, an approximately 170,000 square foot facility on a 14.4 acre site with direct access to the airport’s active runway system.  The building and surrounding area is being redeveloped into a modern cargo handling facility and United States Department of Agriculture-approved animal handling, import, and export facility.  The new Building 78 is named “The ARK at JFK” and will provide much needed space to support general cargo operations and the agricultural industry at JFK Airport. 

“This is our first offering involving a project in one of New York City’s airports,” said Paul Levinsohn, Managing Principal of the NYCRC.   “We look forward to providing additional loans for redevelopment projects at both JFK and LaGuardia airports in the future.”

“We are pleased to play a role in the Port Authority’s efforts to modernize the city’s airport system,” said George L. Olsen, Managing Principal of the NYCRC.    

About the NYCRC

The NYCRC was approved by the United States Citizenship and Immigration Services in 2008 to secure foreign investment for real estate and infrastructure projects under the EB-5 Immigrant Investor Program.  The company was the first EB-5 regional center approved in New York City.  Examples of projects utilizing loans provided by NYCRC-managed funds include the following:

  • redevelopment of the George Washington Bridge Bus Station in Washington Heights;
  • construction of a wireless infrastructure network in New York City’s subway stations; 
  • construction of Fresh Direct’s new food processing and distribution facility in the South Bronx;
  • redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park;
  • expansion of Steiner Studios, New York City’s largest film and television studio;
  • construction of the City Point development in Downtown Brooklyn;
  • construction of a hotel and medical office complex in Washington Heights; 
  • construction of key components of the Atlantic Yards redevelopment in Brooklyn; and,
  • the expansion of the Hutchinson Metro Center in the Bronx.