Posted May 3, 2024, 6:57 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,145
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https://therealdeal.com/new-york/202...-casino-sites/
The Daily Dirt: Casino or bust?
Competitors not keen to lay out a Plan B
MAY 3, 2024
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Mets owner Steve Cohen does not have a plan B.
Cohen’s Point 72 Asset Management aims to turn the parking lot next to Citi Field into a casino, music venue, restaurants, hotel and park. If the company does not receive one of three casino licenses up for grabs downstate, the vision for the 50 acres of asphalt is … 50 acres of asphalt.
“The reality is, without gaming as an economic engine and year-round attraction to support bars, restaurants and live entertainment, the site will remain a parking lot for the next 81 years,” Point 72’s Michael Sullivan said in a statement, referring to the remaining time on the company’s lease for the site.
Cohen is not alone. SL Green Realty says it does not have an alternative plan for 1515 Broadway, its 2-million-square-foot office tower constructed in 1972. Paramount Group occupies most of the building and has a lease through 2031. It is not clear how SL Green’s casino would affect the tenants.
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In SL Green’s case, the Times Square office tower could remain just that or potentially be converted to housing.
Even if Point72 had another idea for the parking lot, the company would still need permission from state legislators to develop the property. Though the site is very much a parking lot, it is city-owned and technically parkland. To change that, the legislature will have to approve a so-called parkland alienation bill.
Assembly member Jeff Aubry, who represents the area, introduced such a bill last year, but his counterpart, Sen. Jessica Ramos, has not taken a formal position, and the chances of her supporting the project appear slim.
The Mets owner reportedly has a plan B if Ramos does not play ball, however. He will campaign to get support from the legislature to pass it without her, Politico New York reports.
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Other proposals are located at sites that will almost certainly be built out even if they can’t get a casino.
Related Companies, which has teamed up with Wynn Resorts, unveiled plans in February for a $12 billion development on the western part of its Hudson Yards development. The proposal includes a casino, more than 1,500 apartments, a hotel and 2 million square feet of office space.
Prior to announcing its vision for a casino, Related’s plans for the western yards included 4 million square feet of residential and 2 million square feet of office. Whether or not it wins a casino license, the developer must still build affordable housing on the site as part of an agreement with the city.
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A spokesperson for Silverstein Properties indicated that it does not have a specific contingency plan for its site at 41st Street and 11th Avenue, but the developer has previously floated a condo and commercial uses for the site. Thor Equities would presumably do something with its site in Coney Island, or sell it (as it has done with other properties in the area).
In an interview with The Real Deal in March, Stefan Soloviev referred to previous comments made by executives of his company that they can build market-rate housing on the site, as-of-right.
“It’s going to be a casino, though,” he added.
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