American Triple I and its consortium partners in JFK Millennium Partners (JMP) have announced financial close of the US$4.2 billion deal to develop new international Terminal 6 anchoring JFK International Airport’s north side. JMP is a private company composed of Vantage Airport Group, American Triple I, RXR, and JetBlue.
Approved in August 2021 by the Port Authority Board of Commissioners, the new Terminal 6 development will feature a 1.2 million square foot terminal, 10 new gates, and bright and airy check-in halls and arrival spaces designed to enhance the customer experience. Customers will enjoy more than 100,000 square feet of dining and shopping, airline lounges, and recreational spaces. Custom art works and the latest advances in sustainability and security will also figure prominently in the new terminal complex. JMP will develop the new international terminal in two phases, with the first gates opening in 2026 and project completion expected in 2028.
Latham & Watkins LLP represents American Triple I in the transaction with a corporate deal team led by Houston/New York partner Ravi Purohit and Houston associates Jameson Miller and Josh Blankenship. Advice was also provided on investment funds matters by New York partner Andrea Schwartzman, with New York associate Oliver Prakash-Jenkins and Chicago associates Syed Madani and Autumn Schmidt; on finance matters by New York partner Chirag Dedania, with New York associate Deborah Ogali; and on tax matters by Washington, D.C. partner Cheryl Coe, with New York associate Lauren Bewley.