The new Terminal One at JFK completes $1.367 billion 2025 green bond issuance

Steer continues to play a critical role in advancing the largest P3 airport terminal project in U.S. history.

Source: JFK NTO LLC

JFK NTO LLC, the developer and operator of the $9.5 billion New Terminal One (NTO) at New York’s John F. Kennedy International Airport (JFK), has successfully completed a $1.367 billion Series 2025 bond issuance. 

This marks the third successful bond transaction for the NTO project since 2023, bringing total capital raised in the bond market to over $5 billion to date. Phase A of the terminal remains on track to open in June 2026.

The New Terminal One is a signature element of the Port Authority of New York and New Jersey’s $19 billion redevelopment program to modernize JFK into a world-class global gateway to the United States and the New York Metropolitan Area.

Since 2017, Steer has served as lead traffic and business advisor to JFK NTO LLC, supporting all three financing phases of this landmark public-private partnership. Working in close collaboration with Amberside Advisors, Steer provided traffic forecasting, revenue and cost modelling, financial KPI development, and narrative contributions that were central to securing investor confidence.

Source: JFK NTO LLC

Ian Sample, Steer Project Director
“We are proud to have supported the New Terminal One since the project's inception. This latest bond issuance marks a significant milestone in what has been a long-term collaboration built on trust, technical excellence, and shared ambition. It reflects the tireless efforts of our team and partners to help deliver the country’s largest airport public-private partnership.”

Adrian Leung, Project Manager
“This third bond issuance is a testament to the strength of our relationship with JFK NTO LLC and the high standards our team continues to deliver under tight timelines.  I am incredibly proud of the collaboration across Steer and Amberside and grateful to everyone who contributed to this achievement.”

Once completed, the New Terminal One will span over 2.5 million square feet, making it the largest terminal at JFK. Delivered in phases, the new facility will offer a state-of-the-art experience to both passengers and airlines. Phase A will include 14 gates, over 110,000 square feet of airline lounge and office space, and more than 121,000 square feet of Food & Beverage, Retail & Services, Duty-Free, and passenger amenities.

Steer is proud to continue supporting JFK NTO LLC as the project moves toward its Phase A opening in 2026.

For more details on the progress and milestones of the New Terminal One project, including its recognition as North America Airport Deal of the Year and the continued support from Steer, read our previous updates: "Finance Approved for John F. Kennedy International Airport's (JFK) New Terminal One (NTO)" and “The New Terminal One at JFK completes $2.55 billion bond issuance | Steer.”