By Stephen Nakrosis

The Port Authority of New York and New Jersey on Thursday said its executive director received authorization from the Board of Commissioners to enter into a 20-year lease with Amazon Global Air, which is expected to redevelop and expand air cargo facilities at Newark Liberty International Airport.

The Port Authority said Amazon is expected to invest $125 million to transform two existing structures into an air cargo campus.

An Amazon spokesperson said, "We are excited about the outcome of today's vote, recommending Amazon as the best partner to occupy air cargo space at Newark Liberty International Airport. While the lease remains subject to final negotiation, this is a positive step forward."

The Port Authority said if the lease takes effect, which is expected later this year, it will receive a lump sum upfront payment of $150 million and another $157 million in additional rent over the life of the deal.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

08-05-21 1816ET