PROJECT SUMMARY
1,500,000 square feet on 165 acres
$1.4 billion construction cost

The new International Air Terminal (Terminal 4) at John F. Kennedy Airport in New York is the largest public-private airport infrastructure development in U.S. history, and marks the first time that a U.S. air terminal has been financed, developed and constructed by non-airline private interests--a paradigm for the way major public works can be completed in the future.

The 1.5-million-square-foot facility is an achievement of JFK International Air Terminal LLC, a private consortium consisting of LCOR Incorporated, a national real estate company specializing in public-private development; Lehman Brothers, the investment bank; and Schiphol USA, the U.S. subsidiary of Schiphol Group, operator of Amsterdam Airport Schiphol. The consortium was selected after a worldwide search by the Port Authority of New York and New Jersey for a unique public-private partnership to manage the existing terminal while building and operating the new one.

The new Terminal 4 replaced the old International Arrivals Building, erected in 1957 on the same 165-acre site. The new terminal might best be described as a rapid people mover in the midst if an extraordinary retail experience surrounded by astonishing works of art, not the least of which is the building itself. The terminal handles domestic as well as international flights--some six million passengers annually.

Initially, the new terminal has 144 check-in counter positions, 10 gates, 52 INS and 20 U.S. Customs positions, seven baggage carrousels each capable of handling two 747 loads of baggage at once, and two baggage conveyors for skis, golf clubs and the like. Aircraft gates will be increased to 16 when demolition of the old building is completed in August. Designed as the only 24-hour terminal at JFK, the new Terminal 4 can accommodate 3,200 arriving passengers an hour, compared with 2,000 at the old facility.

The 100,000-square-foot retail concourse spans the length of four city blocks and includes landscaped mini-parks and other areas for relaxation.

The $1.4-billion terminal, which opened in May 2001, was financed with tax-exempt special project debt, public investment and private equity. The old terminal operated continuously and profitably during construction of the new terminal; the new terminal opened at 90% occupancy and has generated income since inception.