June 2022

Financial Close for $9.5 billion JFK Terminal 1

Conceptual rendering of planned JFK Terminal 1 Redevelopment. Source: PANYNJ.

The project to demolish and replace JFK’s terminals 1, 2, and 3 is ready to take flight. The first phase of the $9.5 billion project, which reached financial close this month, is expected to open in 2026. Two additional phases to expand the terminal are planned, and will go forward based on terminal and airport traffic demand. In all, the three phases of the project will deliver 23 international gates to the terminal. The operating concession for the project runs through 2060.

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