The Port Authority of New York and New Jersey will break the lease of a big container terminal at Port Newark to stop a company based in Dubai from taking over part of the operation there, the agency's chairman said yesterday.
"Fundamentally, this is a landlord-tenant dispute," said Mr. Coscia, who is a lawyer. "We're terminating their lease because they sublet illegally."
There was no pending dispute with the operators of the container terminal before the Dubai deal surfaced. But, Mr. Coscia said, the lease states that a tenant must get the agency's approval of a transfer of ownership interest.
"Our approval wasn't sought, so we haven't provided it," he said.
Good on yer, City Slickers. Go with what ya know.
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