NEW YORK | 520 W. 41 St (2 Towers) | 723 FT Resi / FT Office| FLOORS

[NYguy]

[JMKeynes]

That’s great news. I was wondering what was going on here.

[NYguy]

https://www.nytimes.com/2023/06/23/n...lverstein.html

Mogul’s Manhattan Casino Pitch: A Location People Won’t Hate
Larry Silverstein joins a crowded, well-financed field of developers competing for three casino licenses in the New York City region






By Dana Rubinstein
June 23, 2023

The scrum of millionaires and billionaires hustling for the right to build a casino in New York City now includes Larry Silverstein, the real estate magnate who redeveloped much of the World Trade Center site after the Sept. 11 terrorist attacks.

Mr. Silverstein, 92, has never owned or invested in a casino. But he controls a site at 11th Avenue and 41st Street, four blocks west of Times Square, that he says is perfect for one because it borders several neighborhoods but is central to none. For that reason, his team argues, the location is less likely than others to raise residents’ hackles.

For casino expertise, he has teamed up with Watche Manoukian, a businessman based in London who owns Parx Casino in Bensalem, Pa., that state’s highest grossing venue.

In an interview on Thursday, Mr. Silverstein suggested his bid was largely selfless: New York State, he said, needs tax revenue to support the transit system on which New York City’s economy depends. Casinos can provide it, and as a major landlord, he is invested in the city’s future.

“We do see it as a genuine need that the community has, the city and Albany,” Mr. Silverstein, the chairman of Silverstein Properties, said. “Will it be profitable? I presume so because generally, this has been the case with casinos at large.

It is a novel argument in a crowded, well-financed field of competitors teeming with unique pitches (one proposal involves a roller coaster; another, a Ferris wheel). About 10 teams are expected to bid for one of up to three licenses for full-scale casinos in the region.

The field includes SL Green Realty Corporation, which calls itself the city’s largest commercial landlord and wants to build a casino in Times Square with Caesars Entertainment; the Hudson Yards developer Related Companies and Wynn Resorts, which have proposed a casino on Manhattan’s Far West Side; the hedge fund manager Steven A. Cohen, who owns the New York Mets and has developed a bid with Hard Rock for a casino next to the team’s Queens stadium; and Las Vegas Sands, which wants to put a casino in Nassau County.

“We think one is going to go to Yonkers,” Marty Burger, the chief executive of Silverstein Properties, said. “And one is going to go to Aqueduct, and the third ones are up for grabs.”

State officials have not set a deadline for the submission of bids, and the approval process is expected to extend into next year. But Mr. Silverstein’s announcement is probably among the last major proposals to be unveiled before the formal bidding begins.

Mr. Cohen has not unveiled his proposal, but some details have begun to leak out. It involves turning a parking lot into a 25-acre park with a casino and connections to Flushing Bay, with a design by SHoP Architects, the firm that designed Barclays Center, according to a person who has seen the proposal.

On Wednesday, on the 38th floor at 7 World Trade Center, which Silverstein Properties owns and where it has its headquarters, company executives pitched local elected officials on their project, a 1.8-million-square-foot development called the Avenir.

Codesigned by Nancy Ruddy of the CetraRuddy architecture firm, the building would consist of two 46-story towers connected by a sky bridge and resting on an eight-story podium. The development would house at least one hotel, about 100 units of income-restricted housing, a penthouse performance hall and, at its base, the casino.

Like the Related Companies’ proposal, the Silverstein casino would be near the Javits Convention Center and the steady stream of people it draws to events there.

Political sentiment in Manhattan remains an obstacle.

“I don’t feel like there’s any momentum from actual voters or people who live here for a casino in Manhattan,” said Liz Krueger, a Democrat who chairs the State Senate’s Finance Committee.

State Senator Brad Hoylman-Sigal and Councilman Erik Bottcher, whose districts include the proposed site, attended the meeting on Wednesday. Both declined to comment on the proposal.

Casinos are a recently discovered interest for Mr. Silverstein. In 2017, he told the luxury real-estate publication Mansion Global that he disliked gambling. “I don’t go to racetracks,” he said. “I don’t go to the casinos. I don’t do any of that, but I enjoy buying real estate.”

On Thursday, Mr. Silverstein said his own distaste for gambling was beside the point.

“My personal predilections are subordinated to the needs of the community at large,” he said.

[NYguy]

More renderings....

[NYguy]

Resized those images....

[jackster99]

WOW, that is stunning. I hate to be pessimistic though, I feel this one has a lot of room for cost cutting and watering down on the final product.

[NYguy]

Originally Posted by jackster99

WOW, that is stunning. I hate to be pessimistic though, I feel this one has a lot of room for cost cutting and watering down on the final product.

I don't think this casino proposal has much of a chance, considering all of the other proposals on the table. But I do like the design. I think Silverstein should build this as his mixed-use office/residential project, instead of the two tower plan currently. The large base could be the commercial component.

[NewYorkCity76]

That looks nice!

[BK1985]

I also really like this design, hopefully they just build it as is when their casino bid gets denied.

[NYguy]

Originally Posted by BK1985

I also really like this design, hopefully they just build it as is when their casino bid gets denied.

Yeah, I like it. An ideal design for mixed-use on that site since the taller tower was scrapped.

This site is also across the street from the planned PA Bus terminal redevelopment tower 4.

[MAC123]

This whole area is on fire

[NYguy]

• Video Link

[Zapatan]

So cool looking, wish it were tall by NYC standards though but still a great addition if it happens.

[NYguy]

Originally Posted by Zapatan

So cool looking, wish it were tall by NYC standards though but still a great addition if it happens.

So far, only the Hudson Yards proposal seems to include a very tall tower.




https://cdcgaming.com/commentary/sen...new-york-city/

Sending in the clowns, a circus comes to New York City





Ken Adams
June 25, 2023

New York City has another bidder for one of its coveted casino licenses.

Larry Silverstein is proposing a site he owns in Hell’s Kitchen. He is partnering with Watche Manoukian and Greenwood Gaming, owner of the Parx casino in Pennsylvania. Silverstein believes no one will object to using his site, located near the entrance to the Lincoln Tunnel. He promises jobs, tax revenue, and development in an area that he said needs his project.

Being New York City, unlike casinos anywhere else in the country, the building will be tall, scraping the sky, as they say in the City. The proposal calls for two 46-story towers and an eight-story casino. There is a charm to those tall buildings, but elsewhere, casino developers have found that customers like to gamble on the ground floor. They don’t mind riding an elevator to a hotel room, but not a gambling table.

Silverstein is joining a group of would-be licensees, at least 10 by the time the bidding window closes. The other proposals are also partnerships between casino operators and landowners and/or developers. The casino companies are a who’s-who of gaming, including Wynn Resorts, Las Vegas Sands, Rush Street Gaming, Hard Rock International, Bally’s, and Caesars. The developers include Hudson’s Bay Company and its Saks Fifth Avenue, the owner of the New York Mets, Steve Cohen, and Coney Island. There are no lightweights in this contest.

In January, New York announced it would award three licenses in the New York City area, each license costing the winning bidder $500 million. The winning bidder will be expected to spend a billion dollars and hire thousands of New Yorkers. Although the state announced it would offer three licenses, two are probably already taken. Consensus has it that they will go to current operators of racinos, Genting of Resorts World New York City at Aqueduct Racetrack in Queens, and Empire City Casino in Yonkers owned by Vici Properties, a real estate investment trust (REIT), and operated by MGM Resorts.

We have already seen some startling plans, including Saks Fifth Avenue, Coney Island, Times Square, and now Hell’s Kitchen. The gaming companies will be important in the selection process, but probably less so than the location. Silverstein thinks his site will not be opposed, as Times Square and Coney Island have been, for example. But of course, that is not true. There will be critics, opponents, and something close to armed resistance as is developing around Times Square.

Every borough, every neighborhood, even every street has its own devotees. They celebrate their unique culture, history, and sense of place. One thing all those mini-cultural zones have in common is this: None has a casino in its DNA. The proposals will all have to win the approval of voters and local politicians. It is estimated that it will take at least a year before the final license is awarded. The other two could happen sooner and are not likely to generate as much resistance. The citizens of Queens and Yonkers have had many years to get used to the idea of gambling in their little corner of the Big Apple.

New York City is a big media town. Anyone who comes to town — athlete, musician, actor, artist, or candlestick maker — has to get used to the media. The New York Times and the rest of the city’s media will be following the casino process closely. At times, it will be a media circus. Due to the increased sensitivity to animal safety, there will be no elephants, tigers, or other animal acts. However, we can expect that a very large contingent of clowns will be sent into the ring.

[NYguy]

A little more on Silverstein’s bid…..


https://rew-online.com/silverstein-p...ce-the-avenir/

The Avenir will be designed jointly by Steelman Partners and CetraRuddy. The 46-story, distinctive two-tower complex will include a public sky bridge that connects the towers on the 45th floor. The 45th floor, located 630 feet above the street, will also feature the project’s signature design feature: a 1,000-seat performance hall, which will be available for use by local community and school groups along with world-class concerts in a stunning, intimate setting. The hall will be designed to complement – not compete with – Broadway theaters.

Steelman Partners is a global firm specializing in the multidisciplinary facets of entertainment architecture, interior design, graphic design, planning, theater design, 3D design, and lighting. The company currently has Las Vegas and international offices. Led by Founder and CEO Paul Steelman, the company’s notable projects include landmark casino resort projects in the United States as well as in Macau and The Philippines.

….. Art will also be a prominent feature of the Avenir, with public exhibition space reserved for local artists to display their work, which will be available for sale to the Avenir guests. At the same time, the project will include at least 12 full-service restaurants, along with a food hall showcasing local restaurants.

The development site is easily accessed by the Lincoln Tunnel and is within walking distance to the Port Authority Bus Terminal, Times Square, Grand Central Terminal, Penn Station and the Moynihan Train Hall, the A/C/E subway lines and PATH trains. It is also close to the NY Waterway pier at West 39th Street, which connects the site to six ferry routes originating from New Jersey.

In addition to the Javits Center, other attractions within walking distance of the Avenir include Times Square, Broadway theaters, the Intrepid Sea, Air & Space Museum, Circle Line Sightseeing Cruises, the Manhattan Cruise Ship terminal, Madison Square Garden, a high-end retail mall, and dozens of first-class dining options.

In recent years, the neighborhood, which extends from West 34th Street to West 57th Street, west of Eighth Avenue to the Hudson River, has seen an extraordinary transformation with the development of Hudson Yards to the south and the revitalization of Times Square to the east.

[NYguy]

The City gears up for the zoning amendments that will allow casinos within city limits.

[NYguy]

Originally Posted by NYguy

Silverstein Properties is moving forward again with the transfer of development rights from the railyards. This is likely for the casino proposal, but it could also be to move forward with the development as is.