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NY Waterway history
NY Waterway company history timeline
NY Waterway began service on December 3, 1986, with just two dozen passengers, and they were riding for free.
Since 1986, NY Waterway ferries have carried more than 200 million passengers and provided safe, fast and convenient transportation.
In 1988, Imperatore made the Forbes list of 400 richest Americans.
In 1988 he received a major break when the Port Authority of New York and New Jersey hired NY Waterway to run a ferry between Hoboken and the World Financial Center to help ease overcrowding on the Authority's PATH trains that linked New Jersey with Manhattan's financial district.
By 1993 NY Waterway had cobbled together a profitable little venture, the bulk of the business coming from the four routes the company's 12 boats traveled across the Hudson, carrying 11,000 passengers a day.
Rounds, David, Perfecting a Piece of the World: Arthur Imperatore and the Blue-Collar Aristocrats of A-P-A, Reading, Mass.: Addison-Wesley, 1993.
In 1994 a bank foreclosed on a $50 million loan and Imperatore lost half of the Penn Central property, essentially leaving him with the restaurant, marina, and NY Waterway.
In 1995 New York Waterway offered a job to Donald J. Liloia, the Port Authority's supervisor of the ferry industry.
In 1996, the federal government provided $6.1 million in loan guarantees for NY Waterway to refinance four of its 13 boats and to add a new high-speed 400-passenger boat.
In 1996 Arthur Imperatore turned over the presidency to his son, Arthur E. Imperatore, Jr.
In 1998, the New Jersey state legislature eliminated the state sales tax for NY Waterway, a subsidy worth millions of dollars.
Net income jumped to $5.8 million on $47 million in revenue, up from $2 million and $37 million in 2000.
In March of 2001, NJ Transit announced an agreement to purchase a waterfront parcel from NY Waterway on which to build a $44 million terminal to be leased back to NY Waterway for a 32-year period.
Then on September 11, 2001, a pair of hijacked airliners were crashed by terrorists into the twin towers of the World Trade Centers, bringing down both structures and destroying the Path Station and tubes below ground.
Brodsky, Sascha, "Many Routes to Ferry King's Success," Downtown Express, July 12, 2002.
In 2002 A-P-A, once the envy of the trucking world, went out of business, due in large part to the recession, but according to a number of employees, Arthur Imperatore, Sr., had to shoulder some of the blame.
In November 2003 PATH service was restored to Lower Manhattan and ridership on the ferry dropped off dramatically.
A 2003 New York Times article reported, “Fundraising dinners were often held for allies like New York Gov.
Sforza, Daniel, "Investor and New York Ferry Line Work Out Rescue Deal," Record (Hackensack, N.J.), December 23, 2004.
By 2004, NY Waterway was nearly bankrupt.
The municipally-owned NY Waterway Midtown Ferry Terminal was built largely with public funds and opened in 2005.
Mayor Bill de Blasio officially announced the NYC Ferry service in 2015.
By the end of 2016, Arthur Imperatore, Sr. announced that he had bought back the ferry lines that he had sold to Wachtel twelve years earlier.
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Zippia gives an in-depth look into the details of NY Waterway, including salaries, political affiliations, employee data, and more, in order to inform job seekers about NY Waterway. The employee data is based on information from people who have self-reported their past or current employments at NY Waterway. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by NY Waterway. The data presented on this page does not represent the view of NY Waterway and its employees or that of Zippia.
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