The NYC Ferry system is a public-private partnership; it is owned by the New York City Economic Development Corporation (NYCEDC) but operated by a private company. As of early 2026, the operator is Hornblower Group, which was recently acquired by a private equity firm following a strategic restructuring. Although the day-to-day management, staffing, and vessel maintenance are handled by the private entity, the city’s quasi-public agency oversees the routes, fare structures, and overall system vision. This model allows the city to subsidize fares and maintain public control over transit policy while leveraging the operational expertise of a private maritime firm. In 2026, the system continues to expand with new optimized routes and seasonal service to waterfront neighborhoods across all five boroughs.