This week will determine the fate of two casino proposals in Manhattan.
After more than two years of trying to sell their visions to the public, Wednesday is either the end of the road or a green light to embark on the final stage of the casino competition for Silverstein Properties and SL Green Realty.
Two Community Advisory Committees — each made up of six members — will vote on the proposals put forward by the two teams.
At least four members of each CAC must vote yes on the respective proposals for the projects to proceed to the final stage of the casino licensing competition. If approved, the proposals will be considered by the state’s Gaming Facility Location Board, which will ultimately decide which three projects are awarded a license.
A ‘no’ vote means the project is out of the running. It also means we get to see what becomes of the project sites sans casino. Silverstein has said its property will remain a “giant hole in the ground.” SL Green’s site is already an office tower, the long-term financial health of which has been called into question if the real estate investment trust does not secure a license.
SL Green, which has teamed up with Caesars Entertainment, Roc Nation and Live Nation, wants to convert the 2 million-square-foot office building at 1515 Broadway in Times Square into a $5.4 billion casino, 992-key hotel, restaurants and an entertainment venue.
Silverstein, along with Rush Street Gaming and Greenwood Gaming & Entertainment, pitched the Avenir, a $7 billion casino complex planned for a vacant site at 41st Street and 11th Avenue. The project would feature a 1,000-key Hyatt Hotel, as well as restaurants, bars and a 150-seat entertainment venue. The developer has also committed funding to convert offices in and around Community Board 4 into 2,000 housing units. The firm hasn’t named specific properties, but noted at its first public hearing last month that it had identified 92 feasible sites and was planning to evaluate another 146.
The CACs’ votes are intended to determine whether a project enjoys public support or not. Of course, it is more complicated than that: CAC members were appointed by elected officials, some of whom have made their opposition to casinos clear. Both of the CACs, as with each of the other teams, held two public hearings on the proposals. You could tally up the speakers at those hearings (and in fact, Silverstein’s team counted 122 speakers who supported its proposal at the last hearing, compared to 39 opposed), but that is a snapshot based on hearing attendance and is no guarantee of how CAC members will vote.
Both proposals have their detractors, the Broadway League and residents of Manhattan Plaza among the most vocal against the Times Square and Manhattan West proposals, respectively.
To what extent these voices, the CAC members’ pre-existing positions on casinos and the various perks promised by the competitors factor into Wednesday’s vote remains to be seen.
What we’re thinking about: I have a guess for how Wednesday’s casino vote will go, but I want to hear from you. What proposals will make it through the CAC process to the competition’s final round? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Fortis Property Group’s Olympia Dumbo appears prominently in Spike Lee’s new film, “Highest 2 Lowest.” In addition to several shots of the building’s exterior, a model of the building also has a cameo, and at one point, A$AP Rocky’s character name-drops the building.
Elsewhere in New York…
— A new report from State Comptroller Tom DiNapoli finds that New York will see relatively little benefit from the Republicans’ sweeping new spending bill, with the biggest winners limited to seniors and tipped workers, The City reports. While provisions like deductions for overtime pay, car loan interest and a higher cap on state and local tax (SALT) deductions exist, most New Yorkers won’t qualify or see significant savings. The findings set the stage for a fierce political battle ahead of the 2026 elections, as Republicans tout the cuts and Democrats highlight reductions to key safety net programs.
— Rep. Jerry Nadler’s retirement has sparked a crowded Democratic scramble for his Manhattan congressional seat, but Assembly member Micah Lasher has quickly emerged as an early front-runner and is reported to be Nadler’s succession choice, according to Crain’s New York. Lasher’s political experience, West Side base and alignment with Nadler’s progressive brand position him strongly. Still, a handful of younger or high-profile candidates may jump in. With no ranked-choice voting in the primary, even a narrow plurality could secure the nomination.
— Gov. Kathy Hochul endorsed Zohran Mamdani for mayor in a New York Times op-ed, calling him a partner in her priority to make New York more affordable while ensuring public safety and economic growth. Hochul highlighted areas of agreement — affordability, public safety, combating antisemitism — but repeatedly distanced herself from Mamdani’s democratic socialist agenda, such as raising taxes on the wealthy. — Quinn Waller
Closing Time
Residential: The top residential deal recorded Monday was $10.5 million for a condominium unit at 944 Park Avenue. The Upper East Side condo unit is a 3,300-square-foot consolidation of three units.
Commercial: The top commercial deal recorded was $18 million for 643-47 Ninth Avenue. The Hell’s Kitchen apartment building is a five-story, multifamily building with an office/commercial component. LNR Partners is the seller and Aetna Realty Financial is the buyer.
New to the Market: The highest price for a residential property hitting the market was $29 million for a condo unit at 50 Central Park South. The Central Park condo unit is 6,800 square feet and listed by Sotheby’s International Realty.
Breaking Ground: The largest new building permit filed was for a proposed 76,363-square-foot, 11-story, mixed-use residential and community facility at 16 Convent Avenue in Manhattan. Architect Nickolas Kazalas is the applicant of record.
— Joseph Jungermann
