Steve Cohen Advocates for Expansion of Publicly Funded Ferry Services in New York

According to a recent article by Bloomberg, navigating the route from manhattan to LaGuardia Airport and Citi Field in Queens has been a longstanding challenge for New Yorkers. The combination of heavy traffic, overcrowded public transport, and unpredictable travel times can be quite frustrating, especially during major events like Mets games or the US Open, which last summer attracted over a million fans.

In an exciting development for public transit advocates, billionaire hedge fund manager Steve Cohen is stepping up to support efforts aimed at improving this situation.Cohen is not only the owner of the New York Mets but is also advocating for an $8 billion casino and entertainment complex at Citi Field. He believes that extending New York City’s ferry service to include two new stops nearby could considerably ease congestion.

Cohen expressed his views in a letter addressed to Mayor Eric Adams and Queens Borough President Donovan richards Jr., emphasizing that enhanced ferry services could help tackle parking issues and reduce traffic jams. This initiative has garnered support from officials associated with NYC FC (New York City Football Club), the Billie Jean King National Tennis Center, and LaGuardia Gateway Partners.

The Willets Point area adjacent to Citi Field is on track for considerable development in the near future. Plans are underway for Etihad Park—set to be New York City’s first dedicated soccer stadium—slated to open in 2027. Additionally, just recently, the U.S. Tennis Association announced an ambitious $800 million renovation project for Arthur Ashe Stadium.

with these developments on the horizon, proponents argue that now would be an ideal moment to launch ferry services that would provide construction workers as well as fans with convenient alternatives to driving into this busy area.

NYC ferry has become synonymous with scenic travel around Manhattan; it serves about 7 million passengers annually across routes spanning all five boroughs over 70 nautical miles. While managed by the city’s Economic development Corporation, operations are handled by hornblower Group under a five-year contract awarded in 2023.

Despite its picturesque rides along waterways, it’s certainly worth noting that taxpayer subsidies heavily support this service—approximately $13 per passenger according to a six-year audit released by City Comptroller Brad Lander in 2022 highlighted concerns regarding financial management within the system; though, this subsidy has as decreased slightly to about $8.55 per rider.

Richards has been actively advocating for improved ferry connections between north Queens and other parts of New York City following outreach efforts aimed at garnering business community support for such initiatives.