NEW YORK CITY — ARK Development, an affiliate of Racebrook Capital, has signed a 30-year lease with the Port Authority of New York and New Jersey to develop, finance, construct, operate and manage The ARK at JFK, an animal handling and intelligent air cargo facility. The $48 million, 178,000-square-foot facility will be a USDA-approved, full-service, 24-hour airport quarantine facility for the import and export of horses, pets, birds and livestock. The facility will be constructed at the current site of Cargo Building 78 at JFK with 14.4 acres of surrounding ground area, which includes direct airside access to the taxiway and large aircraft ramp parking.
The ARK at JKF will be divided into three complementary sections: the air cargo wing, a central administrative and business center with 24-hour veterinary hospital, and the main handling facility with pet boarding, animal import and export center, and livestock export handling system. The project will create more than 180 jobs and generate revenues for the Port Authority of New York and New Jersey estimated at $108 million over the project’s 30-year lease.
Financing for the project will be facilitated by Build NYC, the city’s conduit bond issuer, which will issue bonds underwritten by Goldman Sachs, as well as equity partner Westport Capital Partner and The Union Labor Life Insurance Co. and Real Estate Investment Group. The project team includes Gensler, Gralla Equine Architects, and Holt and Grandin Livestock Handling Systems. Cornell University’s College of Veterinary Medicine and the U.S. Department of Agriculture are providing guidance for the project.