March 15, 2009

NY Waterway warns of bankruptcy, seeks takeover

NY Waterway, the largest commuter ferry operation in New York Harbor, may have to file for bankruptcy if it is not taken over by the Port Authority of New York & New Jersey or another public agency, the company’s CEO told Crain’s business newspaper.

“The question is whether we can survive,” Chief Executive Arthur Imperatore Sr. told Crain’s.

In November, NY Waterway spokesman Dave Bahniuk told NewYorkology the company is the largest privately operated commuter ferry company in the nation. “NY Waterway carries more than 30,000 passengers each work day, eight million people a year. We own 34 boats and operate 20 routes into and out of Manhattan,” he said.

But as of February, ridership was down 12 percent from a year ago, to 26,400 daily commuters, and revenues are off by $800,000 a month, Imperatore told Crain’s.

The company is in such bad shape that it’s had to file a suit against US Airways in hopes of recouping the cost of the remarkable Hudson River rescue of US Airways flight 1549. It was a NY Waterway boat, passengers and all, that was rescuing passengers and crews a mere four minutes after the plan touched the water.

Coincidentally, this past Friday was the first day Janis Krums, (he of the very famous Twitpic of the rescue,) was back on board the same NY Waterway ferry with the same captain who steered the first ferry boat to the rescue. On Friday, Krums was sending to Twitpic again, this time it was Captain Vince Lombardi in a more relaxed pose at the controls of his boat. “Yes, first time since the crash. Great guy, had a good talk about our experience,” @jkrums told NewYorkology via Twitter.

Earlier: Water Taxi completes purchase of Circle Line Downtown
NY Waterway honored as first rescue boat at USAir1549
NY Waterway’s the biggest NY Harbor ferry firm
BillyBey Ferry may buy some NY Waterway routes (2005)
NY Waterway says it may close anyday now (2004)

March 15, 2009 8:33 AM in Out of Manhattan, Transportology

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