New Jersey Transit reported an additional $800,000 in leasing revenue for fiscal year 2018, which will grow leasing revenue to $8.5 million in fiscal year 2019.
Greystone Management Solutions, a real estate advisor to transit authorities, has developed with NJ Transit non-farebox revenue for the agency.
This additional revenue is a result of Greystone’s and NJ Transit’s efforts to secure two new specialty retailers at Newark Penn Station in 2018: Top Shelf Wine and Liquor and Starbucks.
Top Shelf Wine and Liquor is expected to generate $2.1 million in revenue. The agency has secured a new Starbucks location to be located in the station.
The 10-year agreement provides Transit with over $1.6 million in non-farebox rent revenues, in addition to approximately $750,000 in leasehold improvements.