PT World | January 2026
12 Dec 2025
The New Terminal One, a new global gateway for JFK Airport, will be New York’s largest terminal when it opens in 2026 – and will pack the biggest PaxEx punch
The New Terminal One (NTO) is a key element in the Port Authority of New York and New Jersey’s (PANYNJ) project to transform John F. Kennedy Airport into a “state-of-the-art, world-class airport that enhances the passenger experience.”
The whole PANYNJ project will cost a total of US$19bn. The port authority is investing US$3.9bn, and the rest of the funding will come from private investments. The JFK part of the project includes two new terminals, the modernization and expansion of two existing terminals, a new ground transportation center and a new, simplified roadway network.
Anchoring the airport’s south side, the NTO alone is a US$9.5bn development, funded through a mix of debt and equity. To date, US$5.9bn has been refinanced through the issuance of green bonds – an initiative that was met with strong investor enthusiasm. “The positive response highlights the financial community’s confidence in the project and its sustainability credentials, reflecting a successful and collaborative financing journey so far,” notes Palmina Whelan, capital program director at the NTO at JFK.
Phase A of the NTO is currently under construction on the site of former terminals 2 and 3, and will include the new arrivals and departure halls along with 14 gates. Over two-thirds of the way completed (at the time of writing), Phase A is scheduled to open later this year (ideally in time for the 2026 FIFA World Cup).
When fully complete in 2030, the international-only terminal will have 23 gates and will span more than 240,000m2.
