NEW YORK – Signature Aviation,
one of the fixed base operators at Stewart International Airport, is going
to build a 28,000-square foot hangar and FBO terminal once a contract
is approved by the Port Authority Board on Thursday.
The 35-year agreement would see the Port Authority receive total rent
of over $5 million.
The deal will see Signature, which currently leases 10,500-square feet
in an airport building, lease 125,000-SF of land including 95,600-SF along
Route 17K in the Town of Newburgh. That property includes the Northeast
Fuel Farm, which Signature would operate.
It would also have the right of first refusal to lease another 68,700-SF
of land to build a new hangar-terminal just north of the passenger terminal
and invest a minimum of $5 million for design and construction of the
facility.
Stewart has experienced an increase in commercial passenger, corporate
and general aviation traffic.
Signature provides ground services and fueling for aircraft.
