Continuing its efforts to maximize non-farebox revenue by leveraging prime retail locations at its train stations, NJ TRANSIT announced a new retail lease agreement in Newark Penn Station. The 10-year agreement is anticipated to generate more than $2.1 million in non-farebox rent revenue over the span of the lease term.
“Maximizing this non-farebox revenue is a win-win for customers and NJ TRANSIT and it’s consistent with recommendations coming out of the recent independent assessment by The North Highland Company,” said Executive Director Kevin Corbett. “It provides customers with conveniences and amenities at our stations while also delivering critical funding resources which we can reinvest in our transportation network.”
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In August 2018, NJ TRANSIT’s Board of Directors approved the lease of more than 1,000 square feet of retail space in Newark Penn Station to Starbucks Corp. The agreement will provide more than $1.6 million in non-farebox revenue to NJ TRANSIT over the 10-year lease. Starbucks will also make approximately $750,000 in leasehold improvements. While providing an additional revenue stream to NJ TRANSIT, customers will enjoy convenience of the nationally recognized brand in Newark Penn Station.
In Fiscal Year 2018, which ended June 30, expanded retail leasing opportunities increased annual revenue by more than $800,000. This included leases at Metropark Station and Secaucus Junction, with tenants performing significant capital improvements at both locations.
In Fiscal Year 2019, which began July 1, NJ TRANSIT estimates that property leases will generate more than $8.5 million in revenue. Overall, NJ TRANSIT’s Real Estate Department estimates that it will generate nearly $50 million in non-farebox revenue in FY19 through property leases, advertising, parking fees, and property permits.
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Nadine S. Lee, who has served as president/CEO since July 2021, said the decision comes after careful reflection on the agency’s progress and its path forward.
