Duty Free Americas Leases Retail Space At John F Kennedy Airport New Terminal One For 14.25 Years

Located at John F Kennedy Airport - New Terminal One in Jamaica, this retail asset encompasses 20,000 square feet. The annual rent for the property is set at $2,800 per square foot. The lease term spans 14.25 years, categorized under a retail lease type.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $56,000,000
• Landlord: The Port Authority of NY & NJ
• Tenant: Duty Free Americas
• Landlord's Representative: Michael Worthman, Ashley Hari & Alex Solomon - Unibail-Rodamco-Westfield
• Asking Annual Rent: $2,800/ft
• Lease Term: 14.25 Years

The Port Authority of New York and New Jersey, along with Unibail-Rodamco-Westfield Airports, has confirmed that Duty Free Americas has been designated as the exclusive duty-free operator for the New Terminal One. This terminal is set to open in phases starting in 2026 and will reach completion by 2030. This project involves a private funding initiative of $9.5 billion, aiming to enhance the passenger experience with duty-free offerings inspired by New York City’s skyline and landmarks.