The Port Authority of New York and New Jersey bought out the 10-year lease that American Stevedoring International held on the Red Hook Container Terminal in Brooklyn.
The port authority acquired ASI’s cranes and other terminal equipment and turned facility over as a turnkey operation to one of the terminal’s customers, Phoenix Beverage Co., which formed Red Hook Container Co. to take over stevedoring operations. The beverage company has a one-year lease of the facility, leaving Red Hood’s future as a container terminal up in the air.