The Port Authority of New York and New Jersey has authorised the execution of a lease amendment to expand Sky Harbour's development site at New York Stewart International airport from 16 to 26 acres. The expansion is expected to increase rentable hangar square footage by approximately 150,000 sq ft and create a more efficient site layout.

Tal Keinan, Sky Harbour's chairman and chief executive officer, comments: “As detailed in the Q3 earnings call, Sky Harbour is seeking to expand the square footage of our existing airport ground leases in the nation's top markets. New York is the top home-basing market in business aviation, and SWF will serve as the home base for New York's largest business aircraft. This expansion will bring Sky Harbour increased revenues, development cost advantages resulting from a more efficient site layout and enhanced operating margins, not only at SWF, but also at POU and BDL. We appreciate our growing partnership with the Port Authority of New York and New Jersey, MJJ Builders and Passero Associates. We are especially grateful for our continuing strategic collaboration with Mr. Jonah Mandelbaum and the Red Tail Flight Academy.”

The Sky Harbour SWF campus will offer ‘the best home base in business aviation’ to house New York's top corporate and private business aircraft in modern hangars, with line services dedicated exclusively to based tenants, offering ‘the shortest time to wheels-up in business aviation’. The Sky Harbour development is expected to create or sustain hundreds of local jobs and generate meaningful economic benefits for the City of Newburgh, the Town of New Windsor, Orange County and the Hudson Valley region.