CIT Group has sold most of its corporate aircraft financial business to GE Commercial Finance. The transaction includes approximately $700 million in loans and $200 million in leases on 380 business jets, turbo props and helicopters.
New York metropolitan area
How will business aviation operations in the New York City area be affected by the Republican National Convention (RNC) at the end of next month in these security-conscious times? That was a headline topic at the May meeting of the Teterboro Users and Operators Association (TUG), which stays on top of issues affecting those who do business at the New Jersey airport.
Boeing’s efforts to gain access to Teterboro Airport (TEB), N.J., for its BBJ have been rebuffed, at least for this legislative year. Rep. Steve Rothman (D-N.J.), backed by Sens.
As the cold weather settles into the Northeast, construction is advancing well on Million Air Teterboro’s new terminal/hangar complex. Founded in 1958, the FBO recently recast the charter arm of its business as Meridian Air Charter, which will also operate from the new facility.
Teterboro (N.J.) Airport (TEB) now has two full-service U.S. Customs and Border Protection facilities with US-VISIT capability located adjacent to Atlantic Aviation (midfield) and at Jet Aviation (south end). The agency said the new capability should improve traffic flow and safety. Although customs already had the facility adjacent
to Jet Aviation, the US-VISIT equipment wasn’t installed until last month.
Last month, the FAA approved a $500,000 grant for preliminary engineering work on installing safety barriers at the end of Teterboro (N.J.) Airport’s Runway 1, which ends 300 feet from a multilane commuter highway. The grant comes as a direct result of the February 2 accident in which a Challenger overran the runway following an aborted takeoff, crossed the highway (seriously injuring a motorist) and crashed into a warehouse.
U.S. Customs has opened a second facility at New Jersey’s Teterboro Airport (TEB). Pilots have a choice of using either the north or south complex, and any of the five FBOs on the airport can advise which facility would likely provide the fastest turnaround at any given time. According to NBAA, the Teterboro Users’ Group (TUG), led by Becton Dickinson chief pilot Pete Bellini, was instrumental in seeing this project completed.
Landing fees are scheduled to increase January 1 at Teterboro Airport, ostensibly due to higher operating, capital and safety improvement spending at the airport next year and beyond. Planned expenditures include those for pavement overlay and installation of edge lighting, construction of three taxiways, improvement to airfield drainage systems, new aircraft rescue and firefighting vehicles and additional Port Authority police.
Bombardier CL-600-2B16 Challenger, Teterboro, N.J., Oct. 25, 2006–Challenger N409KC, registered to the Bank of America of St. Louis, was landing at Teterboro Airport (TEB) and overran the runway. No damage was reported to the aircraft and there were no injuries to the pilot and five passengers.
Last month, the Association of Shared Aircraft Pilots (ASAP)–the union representing NetJets pilots– began its “informational picketing,” a campaign that includes this billboard near Teterboro Airport, N.J. The billboard notes that the pilots and NetJets management have been in negotiations for about three-and-a-half years, and suggests that a strike is possible after June 24.