NEWARK, NJ — NJ Transit is trying to raise some extra bucks by leasing out space at Newark Penn Station to a liquor store.

As part of an effort to "maximize non-farebox revenue by leveraging prime retail locations at its train stations," NJ Transit approved a 10-year lease with Top Shelf Wine and Liquor in the main concourse of Newark Penn Station between tracks 2 and 3. The agreement is expected to generate more than $2.1 million in non-farebox rent revenue over the span of the lease, NJ Transit announced Monday.

Top Shelf Wine and Liquor is owned and operated by Stephen Penn and Kunal Kapoor, who "bring more than 30 years of experience in the retail and beverage industries," the agency said. "Maximizing this non-farebox revenue is a win-win for customers and NJ Transit," said Executive Director Kevin Corbett, who added that the lease is consistent with recommendations coming out of the recent independent assessment by The North Highland Company.

The new liquor store at Newark Penn is just one of several recent leases that the agency has approved in the past year. In August 2018, NJ Transit's board of directors approved the lease of more than 1,000 square feet of retail space in Newark Penn Station to the Starbucks Corporation. The agreement will provide more than $1.6 million in non-farebox revenue over the 10-year lease. Starbucks will also make about $750,000 in leasehold improvements as part of the deal, NJ Transit stated.

Overall, the cash-raising strategy is paying off, spokespeople said.

"In fiscal year 2018, which ended June 30, 2018, expanded retail leasing opportunities increased annual revenue by more than $800,000," NJ Transit officials stated. "This included leases at Metropark Station and Secaucus Junction, with tenants performing significant capital improvements at both locations."

NJ Transit estimated that property leases will net the agency more than $8.5 million in revenue for fiscal year 2019. Don't forget to visit the Patch Newark Facebook page here. Learn more about posting announcements or events to your local Patch site here. Send local news tips and correction requests to eric.kiefer@patch.com