Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry
(Bloomberg) -- New Yorkers know that getting to LaGuardia airport and Citi Field in Queens from Manhattan has long been a logistical mess, with congested highways, crowded public transit options and frequent traffic snarls making the trip unpredictable.
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Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry
The frustrations compound during big events like Mets games, which draw an average of 37,217 people, or the US Open where more than 1 million fans descended on Queens last summer.
Now, public transit advocates are getting a powerful ally in their bid to ease the pain. Hedge fund billionaire Steve Cohen, who's pushing to bring an $8 billion casino and entertainment complex to Citi Field, is backing a bid to extend New York City's ferry system to two new stops nearby.
'Ferry service is a key part of mitigating parking and traffic issues,' Cohen, the owner of the New York Mets, said in a letter to Mayor Eric Adams and Queens Borough President Donovan Richards Jr.
Officials from the New York City's soccer team, Billie Jean King National Tennis Center and LaGuardia Gateway Partners also signed the missive which says it would help alleviate congestion.
The Willets Point neighborhood in Queens, which sits adjacent to Citi Field, is poised for significant development in the coming years. The New York City FC is expected to open Etihad Park — the city's first dedicated soccer stadium — in 2027. And earlier this month, the US Tennis Association announced an $800 million revamp of Arthur Ashe Stadium.
Ahead of those plans, 'it would be an ideal time to begin this service to provide construction workers, fans and community members a convenient alternative to coming to the area by car,' the letter reads.
Best known for its ferries gliding in and out of Manhattan, NYC Ferry, as the system is called, is used by 7 million travelers each year on routes that cover 70 nautical miles to all five boroughs. While it's overseen by the city's Economic Development Corporation, the system is operated by a private company.
The city chose Hornblower Group as its operator in 2023, awarding it a five-year contract.
While scenic, the boats are heavily subsidized by taxpayers. The city had pitched in about $13 per ferry passenger, according to a six-year audit City Comptroller Brad Lander released in 2022 that criticized the system for high cost and financial mismanagement. That support has dropped down to $8.55 per rider.
Richards has been pushing for a ferry connecting North Queens to other parts of the city. He said the letter came after a request to business leaders for support.
--With assistance from Alex Newman.
(Updates story with length of contract with operator in ninth paragraph.)
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