Sky Harbour Expands Development Site at Stewart International Airport to 26 Acres
Sky Harbour announced that the Port Authority of New York and New Jersey has authorized a lease amendment to expand its development site at New York Stewart International Airport from 16 acres to 26 acres. The expansion is expected to increase rentable hangar square footage by approximately 150,000 square feet. Tal Keinan, Sky Harbour's chairman and CEO, commented, "As detailed in the Q3 earnings call, Sky Harbour is seeking to expand the square footage of our existing airport ground leases in the nation's top markets. New York is the top home-basing market in business aviation, and SWF will serve as the home base for New York's largest business aircraft. This expansion will bring Sky Harbour: 1) increased revenues; 2) development cost advantages resulting from a more efficient site layout; and 3) enhanced operating margins, not only at SWF, but also at POU and BDL. We appreciate our growing partnership with the Port Authority of New York and New Jersey, MJJ Builders, and Passero Associates. We are especially grateful for our continuing strategic collaboration with Mr. Jonah Mandelbaum and the Red Tail Flight Academy."
