The Port Authority of New York and New Jersey will not be selling or redeveloping the Red Hook Container Terminal for at least the next five years.

The Port Authority is working up a request for proposals for any company interested in taking over operations of the terminal once Red Hook Container Terminal LLC's lease ends in 2018. The goal is a new five-year lease, possibly one that requires less of a public subsidy, Crain's New York reports.

Long the subject of speculation for potential redevelopment, whether by the Port Authority or after being sold to a developer, the Red Hook Container Terminal has support for continued operations by politicians such as Rep. Jerry Nadler.

The Port Authority's New Jersey chairman, John Degnan, left the door open for a sale further down the line, saying it would benefit the organization enormously at a conference hosted by Crain's in June. But until the Port Authority can come up with a cohesive plan for such a complicated property, it sees continued shipping operation as the best use of the terminal.