The Port Authority of NY and NJ has turned into a gigantic money pit to syphon off tolls and fees to pay excessive salaries of political cronies, as well as doling out excessive contracts and cheap land as political payoffs.  Circumventing procurement and hiring laws usually does not produce good outcomes for the vast majority of the public.  If the problem is poor facilities and maintenance, I'm not sure the answer is privatization.  It's worked really badly with privatized pounds/prisons.