The New York area`s airport operator will vote to buy the lease to operate Stewart International Airport north of the city, a report said Wednesday night.The Port Authority of New York and New Jersey`s board will vote Thursday to buy the lease from Britain`s National Express Corp. for $78.5 million, the Mid-Hudson News Service reported.
The Port Authority -- which operates Kennedy International, LaGuardia and Newark Liberty International airports -- expects to close on the lease purchase by October.
The purchase is intended to relieve air traffic and airport overcrowding in the New York metropolitan area.
New York state has legislation to permit the transaction. New Jersey would have to adopt similar legislation, which is not expected to be an issue, the news service said.
The Port Authority earlier set aside $150 million to develop a fourth passenger airport to serve the New York metropolitan region, and singled out Stewart -- 55 miles north of New York City in Newburgh, N.Y. -- as the fourth airport`s most likely site.
