Steve Cohen’s $8 billion casino proposal cleared a key hurdle Tuesday.
The state Senate approved a bill that paves the way for 50 acres of asphalt next to Citi Field to be transformed into a casino, music venue, restaurants, hotel and park. Of course, a lot more needs to happen for that vision, dubbed Metropolitan Park, to ultimately become a reality.
The bill simply “alienates” the parking lot next to Citi Field, meaning that it allows the city to discontinue the lot as “parkland” (even though it is very much not a park).
The Senate’s approval, in a 54-5 vote, follows a 134 to 11 vote in the Assembly this month. The bill now heads to Gov. Kathy Hochul’s desk.
The proposal still needs to go through the application process for one of three downstate casino licenses up for grabs. Cohen’s Point72, along with partner Hard Rock International, will need to secure approval from two-thirds of a Community Advisory Committee in order to be considered by the Gaming Facility Location Board.
In a press release, the Metropolitan Park team described the bill’s passage as “leveling the playing field” to allow the project to compete for one of the casino licenses.
“After years of community engagement, thousands of conversations, and the leadership of our local elected officials, we are one step closer to transforming these asphalt lots into something our neighbors can truly be proud of,” Cohen said in a statement. “This is just the start, and we are committed to working closely with the community and fans every step of the way.”
Several of the casino contenders needed to get other zoning approvals before moving forward with their license applications. Last week, Related Companies announced that it was dropping out of the running, with Wynn Resorts blaming the city’s rezoning process.
The outlook for Metropolitan Park getting as far as park alienation once looked grim. Local Sen. Jessica Ramos refused to introduce the needed legislation and opposed the casino — a position that would typically kill the project. But Sen. John Liu said in March that he would sponsor alienation legislation, saying he was won over by plans for a park spanning Flushing Creek and reaching downtown Flushing.
In addition to a casino, the proposal includes 20 acres of public park space as well as a hotel, food hall and live music venue. Cohen also announced a partnership with Slate Property Group to build 450 affordable housing units two miles away from the site.
What we’re thinking about: Final rules for the J-51 reboot are out. Have you considered applying for the new version of the tax break? Or decided it is not worth the trouble? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: Members of the Five Borough Jobs Campaign, including the Real Estate Board of New York, are heading to Albany Wednesday to urge lawmakers to approve legislation that would extend the Relocation and Employment Assistance Program, or REAP, for five years. REAP, slated to expire at the end of June, provides tax credits to businesses that relocate from outside NYC or from below 96th Street in Manhattan to above 96th Street or other boroughs. Gov. Kathy Hochul pitched an extension of the program in her executive budget, along with the creation of a new program, the Relocation Assistance Credit Per Employee Program, but they ultimately weren’t included.
Sen. Andrew Gounardes introduced a measure this month that would extend REAP three years, create the new program and also extend REAP benefits in Lower Manhattan.
Elsewhere in New York…
— Mayor Eric Adams wants to dedicate $30 million in next year’s city budget to turning small, vacant lots into public green spaces, Gothamist reports. The administration has already identified 44 lots in Brooklyn and Queens that could be converted.
— A federal judge Tuesday issued a temporary restraining order preventing the Trump administration from retaliating against New York while the court considers the fate of congestion pricing, Politico New York reports. The order was in response to threats by the Department of Transportation to rescind money and approvals for other projects if New York kept the congestion pricing program in place. The program can run through at least June 9, according to the order.
Closing Time
Residential: The priciest residential sale Tuesday was for a condominium unit in Yorkville. David and Cari Grodner, via a trust, shed a condo at 170 East End Avenue for $8.2 million. The buyer was a holding company affiliated with Lance Bruck, an obstetrician-gynecologist. Cari Grodner bought the unit in 2009 for $7.4 million. David Grodner owns an insurance company. The sellers put the home on the market in July 2023 initially, seeking $9.8 million for the more than 3,600-square-foot home. Corcoran’s Ileana Lopez-Balboa had the listing.
Commercial: The top commercial deal recorded was for a $12 million portfolio in Long Island City. The sellers were a holding company, with Michelangelo Pino as a member, and Domenico and Maria Pinto; they had owned the properties for decades. The buyer was a company tied to Mordechai Schwimmer. The five adjacent properties are warehouses and multifamily houses from 34-10 to 34-24 38th Street.
New to the Market: The highest price for a residential property hitting the market was $14 million for a 5,150-square-foot townhouse at 29 Garden Place in Brooklyn Heights. Serhant’s Kantha Team has the listing.
Breaking Ground: The largest new building application filed was for a 30,673-square-foot, eight-story, 28-unit residential property at 214 Newkirk Avenue in Kensington. Yuriy Menzak filed the permit on behalf of Oleg Krasnitskiy.
— Matthew Elo, Mary Diduch
