New Jersey

LaGuardia Terminal Update Sought

By ANDREW GROSSMAN (WSJ)

[010612laguardia] Bloomberg NewsTravelers wait to check in at the Central Terminal at LaGuardia Airport in 2010. The Port Authority is planning to begin construction on a new terminal in 2014.

The Port Authority of New York and New Jersey is eyeing a 2014 start to construction of a replacement for the cramped, outdated Central Terminal Building at La Guardia Airport.

The authority is seeking proposals from private terminal operators, bankers and consultants to finance, design and build a replacement terminal, according to a request for information issued quietly last month.

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Plans are still tentative, and construction might not start by 2014. But the request for information is one of the most concrete steps yet toward replacing the terminal.

“I think the schedule is our best estimate to how the transaction or transactions could fall into place,” said Patrick Foye, the Port Authority’s executive director. “Obviously we’re going to be driven by the suggestions that come in from industry partners.”

The schedule calls for construction to be completed by the end of 2021 at a cost of about $3.6 billion.

Full Article Here: Via WSJ

NJ State Leads Nation in Down-Payment Size

BUYERS in New Jersey have the highest down-payment rate in the country, putting down an average 13.71 percent of the purchase price, according to a new report from LendingTree. That surpasses percentages in cities like Washington, and states like New York, Hawaii and California, though only by tenths of a point. In New York, the average down payment works out to 13.47 percent. The national average is 12.24 percent, for the year ending in November.

Of course, very few borrowers pay the average percentage, which is computed by figuring out the average down payment on conventional loans made by banks and government-insured Federal Housing Administration or Department of Veterans Affairs loans, which have down payment minimums of 3.5 percent.

Countrywide, about a quarter of all mortgage loans are government-backed, according to lending specialists.

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