NYCEDC's PortNYC supports developing the City's passenger and freight transportation terminals to sustain the region's economic growth. PortNYC facilities include marine cargo terminals, rail facilities, cruise terminals, ferry landings, and heliports within the five boroughs of the City of New York.
PortNYC ensures that New York City’s transportation infrastructure can support the expected population and economic growth over the next 20 years. To that end, we are engaged in a variety of projects that enhance the mobility of people and cargo into, within and throughout New York City. We also strive to be the preeminent provider of strategic planning for aviation, rail freight and maritime-policy initiatives that foster economic development.
- Support New York City’s nearly $7 billion maritime industry, which includes ports and terminals, ferry operations, government services, maritime support operations recreational and commercial boating and maritime environmental resources.
- Develop New York City’s rail freight assets to maximize the use of rail by local businesses.
- Develop New York City’s maritime infrastructure and resources through investment and public-private partnerships.
- Provide strategic planning for aviation and transportation-policy initiatives
- Identify innovative dredged material management programs to ensure a balance between development and protection of harbor ecosystems.
- Secure state and federal waterfront permits for NYCEDC projects as well as providing assistance to City agencies and maritime businesses.
- Identify non-City funding sources to maritime development
A Foreign Trade Zone (FTZ) designation allows domestic activity — ranging from warehousing to repackaging to more intensive manufacturing — involving foreign items to take place prior to formal customs entry. Duty-free treatment is accorded items that are exported and duties may be reduced or eliminated on products processed in the zone. Duty payment is deferred on items sold in the U.S. market.
Benefits of Foreign Trade Zones include:
- Duty Elimination: Customs duties are not paid on merchandise re-exported from the FTZ.
- Duty Deferral: Imports may be admitted to the FTZ and held indefinitely in inventory without paying Customs duties. Duty is paid only when imports are shipped into U.S Customs territory.
- Inverted Customs Duty Savings: FTZ users may elect to pay the duty rate on either component material or finished product merchandise produced from imported and domestic component material — whichever is lower.
- Shipments Expedited: Delays in Customs clearance and duty drawback procedures are eliminated. Delivery times after U.S. arrival are reduced due to the special Direct Delivery procedure.
- Quality Control: The FTZ may be used for quality control inspections to ensure that only products that meet specifications are imported. Substandard goods can be destroyed or returned before duty is paid.
- Exhibition: Merchandise and machinery may be held for exhibition or displayed in the FTZ without duty payments. Retail trade is prohibited.
- Weekly Entry: All shipments from the FTZ in a business week may be placed on one Customs entry, significantly reducing paperwork and expense.
- Zone to Zone Transfer: Merchandise may be transferred under bond from one FTZ to another. Duties are not owed until the merchandise is finally admitted into U.S. Customs territory.