Latest on Water Taxi:

Water Taxi is stopping the Paulus Hook - Wall St. route all together on October 1 (They are not going out of business - just that route is cancelled)

NY Waterways will re-introduce the route with their ferries as of October 2.

Oneway to Wall St will be $5.50 and monthly tickets will be $182.50

I wonder how the Goldman Sachs staff will get across for free during off peak periods, as they did with Water Taxi?

What is also interesting is the Lady Liberty Taxi (At the end of Warren St.) has just acquired a new ferry that is twice as big as the existing one. (Maybe they will offer a run to Wall St?)

She is all painted up and ready to go - at the moment she is sitting and 'tucked away' at the very end of the Marina.

Sounds to me like they are trying to go bankrupt. If they do that I wonder if that will get them out of there contract? I agree with NNJR when he says that ?I doubt ferrying a few employees during the day is causing such a loss?. I do always try to keep in mind that just about everything is about the money. The whole thing smells fishy to me.

A 50% increase makes no sense, they will lose 50% ridership. When you do the math in numbers it is the dumbest decision you can make, especially when there are alternatives like the PATH or lightrail.

1000 riders a day x $6 = $6000

500 riders a day x $9 = $4500

This will run them to the ground for sure, the executives who made this decision have just set them on a death march.

Its too bad cause its a great service, a great way to travel to work and at times worth the $6. For $9 no way.

$4.75 is what NY Waterways is charging for a 1-way trip to Wall St. from the Marina @ Marin Blvd. (A little cheaper with a monthly ticket)

My wife works on Water St. Downtown Manhattan and we both don't feel comfortable with her traveling on the PATH at night if she is working late.

I have doubts that the new Water Taxi prices from Paulus Hook can last long. Passengers will boycott them and this will force them to 'close shop' and Goldman will have no ferry service for staff.

This topic is interesting because I posted something similar a few weeks ago about price increases and was told by the staff at Water Taxi that it was due to fuel / oil costs.

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How can the operator loose over a million without paying docking charges? Does it really cost that much to run a boat? I have a hard time believing this. Other countries have ferry service for a fraction of this cost.

I doubt ferrying a few employees during the day is causing such a loss.

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Here is the history of why Goldman Sachs people ride for free anytime between the morning and evening rush hours.

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More from the WCBS:

N.Y. Water Taxi Raising Fares

New York Water Taxi is planning a fare increase for the ride between Pier 11 in downtown Manhattan and a dock in the Jersey City waterfront.

The water taxi company owned by Manhattan developer Douglas Durst says the increase from six dollars to nine dollars will take effect next week. Monthly passes will rise from $192 to $321.

The company blames the increases on losses it attributes to a contract with the investment bank Goldman Sachs, which owns the New Jersey dock.

The deal requires the company to carry Goldman employees at no charge between morning and evening rush hours.

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More from 1010 wins

New York Water Taxi Fares Being Raised

JERSEY CITY, N.J. -- New York Water Taxi ferry riders have something to grumble about.

Fares between Exchange Place in Jersey City and Wall Street are going up 50 percent on Monday.

A one-way trip will cost $9 instead of six. Monthly rates will cost $321, or 67 percent more.

New York Water Taxi blames what it calls "an onerous contract'' that requires its ferries to carry certain passengers for free during the midday.

New York Water Taxi was awarded the contract in 2004 by Goldman Sachs. The financial firm built the ferry terminal as part of its adjacent 42-story office tower project.

The ferry company says it has lost more than $1million since beginning the service two years ago.

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Just like he said, the NY Waterway from Liberty Harbor.

-What is still 4.75?
Anyway all of this used to be less than 6.00 ROUND TRIP like 2 years ago. I was shocked when it went up from there, so now this is just OUTRAGEOUS. Not even worth it...u can take the Path for 1.50 and walk to Wall Street within 15 minutes.

Who on earth can afford this?

Maybe if you spent more time working and less time posting on jclist you could afford it.

What is still 4.75?
Anyway all of this used to be less than 6.00 ROUND TRIP like 2 years ago. I was shocked when it went up from there, so now this is just OUTRAGEOUS. Not even worth it...u can take the Path for 1.50 and walk to Wall Street within 15 minutes.

Who on earth can afford this?

NY Waterways - Liberty Harbor / Marin Blvd here I come!

Still $4.75 one way and takes me to Wall St.

The Water Taxi was a good service, but at those prices I'm looking at $4000 a year.
I'd rather spend the money on my kids music classes and miss my walk past the coffee shop in Paulus Hook.

get a job with GS...
"all company employees have passes that allow them to ride the ferry free during the non-rush-hour part of the day -- from mid-morning to 4:30 p.m. In exchange, the ferry operator does not pay any docking charges."

but this IS really steep...
we lost water taxi service at newport , people still are interested, but there's some problem with 'waterways' too, they won't restart it.

How do I become a 'certain passengers' travel free during the midday?

New York Water Taxi To Raise Rates

JERSEY CITY, N.J. -- New York Water Taxi ferry riders have something to grumble about.

Fares between Exchange Place in Jersey City and Wall Street are going up 50 percent on Monday.

A one-way trip will cost $9 instead of $6. Monthly rates will cost $321, or 67 percent more.

New York Water Taxi blames the increases on what it called an onerous contract that requires its ferries to carry certain passengers for free during the midday.

New York Water Taxi was awarded the contract in 2004 by Goldman Sachs. The financial firm built the ferry terminal as part of its adjacent 42-story office tower project.

The ferry company said it has lost more than $1 million since beginning the service two years ago.
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Steep ferry hike sinks riders' spirits - Many consider trains as Water Taxi ups fare for ride to Wall Street

Thursday, September 21, 2006
BY RUDY LARINI
Star-Ledger Staff

Traveling by ferry between Exchange Place in Jersey City and Wall Street is about to get a lot more expensive.

Beginning Monday, commuters who use the financial district ferry service will get hit with a 50 percent fare hike that the operator, New York Water Taxi, is blaming on free passengers it is required to carry on non-rush-hour trips.

The increase is from $6 to $9 per one-way trip. Monthly commuters face an even higher percentage increase, with the cost rising 67 percent, from $192 to $321. A 10-trip ticket also will be increased by 50 percent, from $54 to $81.

"That's a humongous jump in price," said commuter Mark Bowin, a Manhattan court reporter who lives in Jersey City. "This really is not justified. That is a dramatic increase."

In notices that New York Water Taxi is handing out at the Paulus Hook ferry terminal just south of Exchange Place, the ferry operator "apologizes" for the steep fare hike, but adds it is unavoidable under "an onerous contract" that requires New York Water Taxi to carry "certain passengers free during the midday."

The notice says New York Water Taxi has lost $1.2 million since beginning the service two years ago. The notice also says the ferry operator has tried unsuccessfully to renegotiate the terms of the agreement.

New York Water Taxi was awarded the contract for the Paulus Hook service in 2004 by the financial firm Goldman Sachs, which built the ferry terminal as part of its adjacent 42-story office tower project. The firm has some 4,000 employees in the tower.

Neither the ferry operator nor a spokesman for Goldman Sachs would discuss the contract or free ridership, citing a "confidentiality agreement" between them when the contract was signed.

But daytime commuters at the terminal, many of whom work for Goldman Sachs and declined to be identified, said all company employees have passes that allow them to ride the ferry free during the non-rush-hour part of the day -- from mid-morning to 4:30 p.m. In exchange, the ferry operator does not pay any docking charges.

New York Water Taxi's Paulus Hook to Pier 11 ferries make some 2,000 passenger trips a day and company President Tom Fox said about 30 percent are free.

Commuters are none too happy about the fare increase and many said they would switch to PATH trains at the Exchange Place station just north of the ferry terminal.

"Sorry, I'm not going to pay $18 back and forth every day. That's insane," said Alex Zeldine, a Goldman Sachs employee who commutes to his home in Staten Island.

"They're going to lose a lot of business," said Vince D'Ambrosio of Jersey City, explaining that he and three co-workers at a New York shipping firm are switching to PATH. "The whole problem is with Goldman Sachs. Well, take it up with Goldman Sachs. Why should the rest of us have to suffer?"

"I can't afford this," said Christina Ragucci of Belleville, who works for a Manhattan financial institution. "I love taking this boat. I don't want to give up my boat, but I can't afford this. I'm going to have to go back to using the subway."

"I'm sadly disappointed," said daily commuter Joan Litman of Jersey City, a teacher on the East Side of Manhattan. "I don't doubt their reasons, but it will probably cut me out of riding the ferry."

"I love the ferry," Litman added, comparing it to the cramped ride on PATH. "This is therapy."

Fox said he understands the riders' dismay.

"I don't blame the passengers for their concern," he said. "We do this with great reluctance."

Because of the confidentiality agreement, Fox did not want to discuss the possibility of discontinuing the Paulus Hook service, which is required under the contract with Goldman Sachs, should ridership plummet.

"We'll have to see what happens," he said. "We've been trying to straighten this out for two years to no avail."

Rudy Larini may be reached at rlarini@starledger.com or at (973) 392-4253.