According to a joint release from the PANYNJ and the New York Economic Development Corp., the city will extend the Port's lease for the 202-acre Howland Hook Marine Terminal on Staten Island through June 2058. The extension will allow the Port Authority to extend its sublease to New York Container Terminal Inc., which currently operates the terminal and is reportedly planning an expansion. Under terms of the agreement, the PANYNJ will pay the city up to $201.5 million in rent over the life of the lease, according to PANYNJ documents.

For its part, the PANYNJ is planning $110 million in capital improvements at Howland Hook, which will include deepening the channel by 50 feet. Two years ago, the PANYNJ opened the $26-million ExpressRail Staten Island, a ship-to-rail cargo transfer facility, at Howland Hook.

In the Brooklyn deal, the NYCEDC will lease Piers 11 and 12 at the Brooklyn-Port Authority Marine Terminal in Red Hook for 20 more years, with options to extend through 2058. The NYCEDC will pay at least $56 million in rent over the initial 20 years and up to $204 million if the lease is extended, PANYNJ documents show.

The NYCEDC plans to extend its sublease of part of Pier 11 to Phoenix Beverage, a distributor of imported beers, which plans to develop a distribution facility there. Phoenix has been receiving cargo at Red Hook's Pier 7 since closing its New Jersey facility.

In a release, PANYNJ chairman Anthony Coscia says the leases "solidify our commitment to continue a vital maritime operation that will provide jobs and economic activity for the region. Although our maritime business has suffered from the economic downturn, our goal is to be well-positioned to meet future cargo demands."