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Port Authority Cuts $60M Lease Buy-Back Deal

JERSEY CITY-The 119 acres, used as an import auto processing center, will be converted into a container terminal here.

By Eric Peterson | Updated on March 24, 2008

JERSEY CITY-The Port Authority of NY/NJ has cut a deal to buy back the long-term leasehold of the Northeast Auto-Marine Terminal, involving 119 acres occupied by that facility. The operator is a private company dba Northeast Auto-Marine Terminal, and the deal is valued at $60 million.

What the PA has in mind for the site, surrounding on three sides by water, is to demolish the existing import auto processing center and turn the acreage into a container shipping terminal. PA and state officials say it is part of an effort to prepare the port for the coming expansion of the Panama Canal and an expected influx of new shipping traffic. Combined with ongoing dredging and channel widening, as well as a new rail system, it’s also part of the authority’s 10-year, $2-billion capital improvement plan.

“Even during times of economic uncertainty, the port has been a lifeline for this region,” says Gov. Jon Corzine, in a statement. “For that reason, we must protect this critical asset and move forward with a clear vision for the future.”

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