"We selected an experienced and knowledgeable financial team to assist us with this convention center project," Gargano says. The expansion is expected to nearly double the convention center's capacity. He adds that expanding Javits Convention will enable New York City to vie additional events and will bring millions in economic activity that are now lost to other cities.

The expansion will increase exhibit space from 760,000 sf to 1.1 million sf. The new Javits will add an estimated $53 million in combined annual tax revenue for the city and state to the $97 million it already provides. It is also expected to create an estimated 10,830 new permanent jobs. The expansion will take place in two phases, with Phase I expanding south to 33rd Street and north to 40th Street and including a 1,500-room headquarters hotel at 42nd Street and 11th Avenue. Also added in this phase will be 256,000 sf of meeting space, as well as 86,000 sf in new ballroom space.

Phase I of the expansion is expected to cost $1.4 billion. The city will contribute $350 million and the state will contribute $350 million through a state supported credit in conjunction with a restructuring of existing Javits Center bonds. The final $500 million will be raised through the sale of bonds back by a dedicated $1.50 per key surcharge that the hotel industry has agreed to collect. Private financing will help to build the headquarters hotel.