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NJ TRANSIT BOARD APPROVES RETAIL SPACES AT HOBOKEN TERMINAL AND PRINCETON JUNCTION STATION
September 10, 2010
NEWARK, NJ — The NJ TRANSIT Board of Directors today approved the lease of retail spaces at two of the state’s busiest train stations—a food court at Hoboken Terminal and a coffee stand at Princeton Junction Station—as part of the corporation’s effort to maximize the value of its facilities while offering additional amenities to customers.
“These lease agreements are examples of smart business decisions that leverage our existing resources to generate commercial revenue, while providing a convenient amenity for customers,” said Transportation Commissioner and NJ TRANSIT Board Chairman James Simpson.
“The new retail spaces will be welcome additions to customers of these busy stations,” said NJ TRANSIT Executive Director James Weinstein. “As we look for ways to maximize the value of our property, we are also focused on improving the overall customer experience for our riders.”
The Board authorized a 10-year lease with Gateway Foods, LLC for operation of the 3,800-square-foot Food Court at Hoboken Terminal. In addition, Gateway Foods will invest $1.2 million in capital improvements to the leased premises.
The lease will provide for a new food court concession—featuring Subway, Sbarro’s, Cinnabon, Carvel and Einstein Bros. Bagels—plus a satellite snack bar to serve Hoboken Terminal customers, together with the operation of the Railhead Bar.
Hoboken Terminal provides travelers multiple transit options including commuter rail, light rail, PATH and bus service. More than 50,000 people use the terminal on a typical weekday.
The Board also authorized a five-year lease with Faber Coe & Gregg of Florida, Inc. for approximately 1,575 square feet of retail space at Princeton Junction Station for the operation of a coffee/retail concession. In addition, the tenant will make $350,000 in upgrades and ADA accessibility improvements to the retail space.
Princeton Junction Station serves approximately 7,500 customers on an average weekday.
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NJ TRANSIT is the nation's largest statewide public transportation system providing more than 895,000 weekday trips on 240 bus routes, three light rail lines and 12 commuter rail lines. It is the third largest transit system in the country with 165 rail stations, 60 light rail stations and more than 18,000 bus stops linking major points in New Jersey, New York and Philadelphia.