The operator of John F. Kennedy International Airport’s busiest terminal said its passenger numbers might not return to pre-pandemic levels until 2024, leading it to scale back or delay a planned $3.8 billion refurbishment and expansion.
JFK International Air Terminal LLC, which operates Terminal 4, said in a Nov. 30 bond-offering statement that it is talking to the agency that runs the New York City airport about alternatives such as providing interim upgrades and reducing the scope of the planned terminal refurbishment and 16-gate addition.
The Terminal 4 redevelopment project is part of a $15 billion makeover for JFK that was supposed to be completed by 2025.
The airport redevelopment, which relied for the majority of its funding on airlines and private terminal operators, has stalled during a steep decline in passengers and a downturn caused by the pandemic.
For now, only the smallest project, American Airlines Group Inc.’s almost $400 million redevelopment of Terminal 8, is moving ahead.
