The Port Authority of New York and New Jersey and NYNJ Link Partnership on Friday reached a financial closing on a $1.5 billion public-private partnership to replace the Goethals Bridge with a cable stayed design bridge.

The bridge connects New York City's Staten Island borough with Elizabeth, N.J. The project is the Port Authority's first new bridge in more than 80 years and officials call it the "first true" surface transportation public-private partnership in the Northeast U.S.

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