Aviation Week
Aaron Karp
05 August 2024
In addition to welcoming passengers to New York City and the US more broadly, the new terminal [at JFK] will serve as a significant test case for a privately-run terminal in a country that has largely shied away from turning control of airports over to entities other than those that are public organizations such as airport authorities. Led by global airport developer and operator Ferrovial, a private consortium called New Terminal One (NTO) is financing the cost of the facility and overseeing construction, which began in 2022.
The first phase of the project, set to be completed in 2026, has a pricetag of around $9 billion, for which capital has been secured. NTO will then need to raise over $2 billion for the second phase, scheduled to be completed in 2030.
