New York Waterway will stay afloat after Port Authority approves bailout plan
Port Authority officials have approved a financial bailout plan for New York Waterway that will keep ferry service uninterrupted for at least the next four years. The Billy Berry Ferry Company, owned by Manhattan lawyer William Wachtel, is taking over 16 of the boats including the ferries in Hoboken. The signs will still read New York Waterway and the service will continue to operate all routes north of Hoboken and between Middletown and Manhattan. Port Authority officials say that under the contract BillyBey is only allowed to raise ticket prices 50 cents a year.