It's been a strange few years for New York real estate, and it's about to get even stranger.
Developers who have been drooling over the idea of opening a casino in the city for decades got a lot closer to achieving their dream in January when the state put out a request for applications.
Plenty of Action
Immediately, some of the city's biggest developers stepped up and submitted plans, proposing casinos all over the city. Among the most interesting proposals:
- Related Cos. submitted a bid to build a casino in Hudson Yards' undeveloped western portion, accompanied by a resort and an entertainment facility.
- Thor Equities has its eyes on a 5-acre area between Stillwell Avenue, West 12th Street, Surf Avenue, and Wonder Wheel Way in Brooklyn's Coney Island for a development that would include a casino, hotel, museums, roller coaster, and an indoor water park.
- SL Green has proposed opening a casino on top of the Palladium theater in Times Square and would partner with Ceasar's Entertainment and Jay-Z's Roc Nation to make it happen.
- The Soloviev Group is looking at an undeveloped site in Midtown Manhattan near the site of the U.N. building. Their proposal also includes a Ferris wheel, a museum dedicated to democracy, a hotel, and community green spaces. Moreover, the Group says they're “shovel ready” and can begin work almost immediately upon receiving a license.”
- Las Vegas Sands has already signed a lease to redevelop the Nassau Coliseum on Long Island into a casino, high-end hotel rooms, a live performance venue, and outdoor community spaces.
- Vornado Realty Trust dreams of a casino at the site of the soon-to-be-demolished Hotel Pennsylvania.
- New York Mets owner Steve Cohen wants to build a casino near City Field.
- Hudson Bay Co., the parent company of Saks Fifth Avenue, has proposed redeveloping the top floors of the Rockefeller Center store into a Monte Carlo-style, high-dollar casino experience.
What will this mean for New York City real estate, especially for the neighborhoods around the proposed casino locations? It's way too soon to tell.
For all the developers' excitement about their projects, experts worry that the northeast is already oversaturated in casinos. While a casino would almost certainly drive up property values nearby initially, long-term, if it doesn't succeed, it could pull those same property values down.
Get Help from an Experienced NYC Real Estate Attorney
If you've got questions about New York City real estate, you need answers from someone who understands the city's unique real estate landscape and the laws that pertain to property in the area. Call real estate attorney Melvin Monachan's experienced team today at (347)389-1682 or contact us online.