There was no discussion or dissent as the board running the Port Authority of New York and New Jersey voted to purchase the remaining 93 years of the operating lease for Stewart Airport. The National Express Group paid 35 million for the lease, and is selling it for 78.5 million.
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The agency hopes to take over by October 1st. It hopes the airport will relieve pressure at the three New York area airports. They believe the airport is geared for growth with two runways, a seven-gate terminal, two fixed based operators, corporate facilities, and a new hotel under construction. Without any expansion, Stewart can accomodate 1.5 million passengers per year. It currently serves 300,000.
While most people would not travel 50 miles to avoid traffic at other airports, people currently traveling fifty or more miles to those airports would divert to Stewart instead.
