Where to keep your jet
By Mark Phelps - April 1, 2009
Anyone who has owned an airplane knows that finding the right place to keep it is no small task. In fact, the job is likely much more involved than first-time buyers ever imagine when they begin to consider aircraft ownership. Obtaining financing, finding insurance, hiring a crew, arranging maintenance–even redoing the interior and paint job–are likely all high on their list of things to do. But placing a roof over the new ride is often just an afterthought.
Though it might look like little more than a warehouse to the untrained eye, an aircraft hangar is a much more complex real estate entity. Fair warning: if you turn the task of hangaring your airplane over to your conventional commercial real-estate expert, be prepared to ride along on his or her learning curve. Some elements of the business of aircraft hangars are unique–and costly, unexpected pitfalls lie ahead to trap those who aren’t aware of them.
Some buyers may ask whether they really need a hangar for their private aircraft. After all, the only time an airliner sees the inside of a hangar is when it’s undergoing maintenance. But the effect of keeping airliners outside shows when you look closely at their cosmetic condition. And for private owners, protecting the finish is just one of many reasons to keep a roof over an aircraft. Others include convenience for light maintenance chores, interior cleaning, preflight preparation and temperature control. But the biggest reason, especially these days, is security.
The first hangar decision you must make is the airport where you will base your airplane. In some cases, you’ll have no real choice, but often two or more airports are within reasonable driving distance of your home base. As with all real estate, the closer an airport is to an urban center, the higher the cost for a square foot of hangar floor. So it could come down to a question of close-in convenience versus how much hangar you can get for your money. Some operators find it makes better economic sense to base their airplanes at an airport that is farther out and use the close-in airport as a pick-up station for the convenience of the passengers. For example, Richard Thompson of GO7Brands, who lives in Manhattan [see “CEO Files” in our February/March 2009 issue–Ed.], bases his Hawker 700 in Portland, Maine, because it is much less expensive than hangaring it at Teterboro Airport in New Jersey, where he gets picked up.
Shared Hangars
Once you determine which airport works best, it’s time to consider the various strata of hangar services, starting with renting space in a common hangar–sometimes called a “gang hangar.” As the name implies, you’ll be sharing the floor with several other aircraft. On the plus side, gang hangars are the least expensive option for most operators. In crowded geographical areas, they might be the only option.
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