The NYCRC provided 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 largest 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 as well as implementing infrastructure improvements to surrounding runways. 

The project included 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 was 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 is providing much needed space to support general cargo operations and the agricultural industry at JFK Airport.   

Construction of the EB-5 project is complete.