The Port Authority of New York and New Jersey has reached a revised agreement with a consortium of financial sponsors The New Terminal One (NTO) for the construction of a new terminal at John F. Kennedy International Airport.

The New Terminal One will be a 2.4 million square foot international terminal and will anchor the south side of the airport. With a total investment of USD9.5 billion, the project will be built in phases and will create more than 10,000 jobs. The project is part of a complete transformation of JFK and once completed will be the largest international terminal at the airport.

The full cost of the terminal will be privately financed by the NTO consortium which Carlyle, JLC Infrastructure, and Ullico. The operating and technical services partner of the consortium is a joint venture of Munich Airport International and CAG Holdings. As part of the project, a range of infrastructure upgrades and improvements will be developed including roads, parking, and utilities as well as a new electrical substation. Construction of the new terminal is scheduled for mid-2022. The first phase with the new arrivals and departures hall and the first set of new gates is expected to open in 2026.