It doesn’t look like the Port Authority of New York and New Jersey plans to sell the 80-acre Red Hook Container Terminal anytime soon, mostly due to — you guessed it — politics.
The bi-state agency plans to issue a request for proposals next month seeking bidders who will continue to run the terminal as a shipping facility, Crain’s reported. The terminal’s current operator, Red Hook Container Terminal LLC, has a lease that expires in September 2018. The Port Authority will start looking for another five-year tenant in August.
Agency officials have long mulled selling off the Port Authority’s various real estate assets. Last month, John Degnan, the Port Authority’s New Jersey-appointed chairman, again floated the idea of selling the terminal. A number of state politicians, however, are opposed to any sale of the site, and difficult logistical challenges and run-of-the-mill politics have put the kibosh on any imminent sale, Crain’s reported.
Last year, Chris Ward, Port Authority alum turned AECOM executive, proposed a plan to build up to 45 million square feet of residential space in Red Hook on several different sites, including the terminal.[Crain’s] — Kathryn Brenzel