In two weeks, probably sooner, we’ll know the place new casinos will rise in New York Metropolis. It appears one proposal simply dodged a speedbump.
On Friday, a state Supreme Courtroom decide quickly barred town from inking a brand new lease with Steve Cohen that might enable his growth to be constructed on Citi Subject’s parking heaps. Such a deal can be essential to pave the best way for his $8 billion on line casino advanced subsequent to Citi Subject, dubbed Metropolitan Park, if the state decides to award him a license.
The order specified that an settlement with town and Steve Cohen couldn’t transfer ahead till town established that the deal would preserve the rights of the U.S. Tennis Affiliation Nationwide Tennis Middle underneath its lease with town. Extra particularly, the USTA wished to make sure that its rights would take precedent — by means of a “superiority clause” — over the brand new settlement.
The decide’s determination got here after the USTA filed a lawsuit final week, alleging that town “refused” to ensure that the prevalence clause can be included within the new settlement with Cohen and that it might respect the affiliation’s lease rights. These rights, in line with the lawsuit, embrace guaranteeing that competing occasions (other than baseball) are usually not held through the three weeks of the U.S. Open and that at the very least 2,920 parking areas can be found for the tennis match’s spectators at Citi Subject.
However the metropolis and Queens Future (the entity tied to Cohen and the remainder of the on line casino workforce) reached a brand new settlement on Monday. A spokesperson for the on line casino workforce confirmed that the deal complied with Friday’s order as a result of it included the prevalence clause.
“After months of dialogue, town and Queens Future have reached an settlement with respect to the Metropolitan Park challenge that complies with a latest courtroom order and displays the U.S. Tennis Affiliation’s rights,” a Metropolis Corridor spokesperson stated in a press release. “We stay up for the development of a world-class on line casino that might create 1000’s of union-paying jobs, billions of {dollars} in financial affect, and enhancements to native communities.”
The on line casino, if in the end accepted, will take the place of fifty acres of underutilized parking heaps subsequent to Citi Subject. The challenge will in the end have extra parking than the present facility, in order that seems to be much less of a difficulty with USTA than the “competing occasions” held through the U.S. Open. The on line casino advanced is predicted to incorporate a 5,650-seat leisure venue. A rep for Metropolitan Park indicated that the event workforce was nonetheless exploring choices associated to occasions held through the U.S. Open. So, this can be an ongoing concern.
On Monday, although, USTA appeared content material with town’s settlement.
“We’re grateful that the courtroom honored our request and that town has complied by including the required language to its lease with Queens Future, which now acknowledges protections through the three weeks of the US Open,” a spokesperson for USTA stated in a press release. “We stay up for welcoming the on line casino as our latest neighbor in Flushing Meadow-Corona Park.”
Members of the state’s Gaming Facility Location Board on Monday toured the three websites which can be competing for state licenses. The board is predicted to award as much as three licenses earlier than Dec. 1.
What we’re eager about: Who will lead town’s housing-related companies underneath the Mamdani administration? Ship a notice to kathryn@therealdeal.com.
A factor we’ve realized: New Rochelle simply launched two new instruments for monitoring storefronts and key metrics, such because the variety of residential models downtown.
The LiveXYZ Storefront Map & Directory options an interactive map that reveals what companies occupy storefronts downtown, in addition to which areas are vacant. The New Rochelle Downtown Vanguard Dashboard reveals downtown’s inhabitants development since 2016, the variety of residential models in-built that point and the variety of companies which have opened up to now few years.
Elsewhere in New York…
— Council member Chi Ossé on Monday created a marketing campaign committee to problem Home Minority Chief Hakeem Jeffries subsequent yr, Politico New York reports. That is his first official step towards difficult Jeffries, although he maintained Monday that he’s nonetheless “exploring” a run. “The Democratic Social gathering’s management is just not solely failing to successfully battle again in opposition to Donald Trump, they’ve additionally did not ship a imaginative and prescient that we will all consider in. These failures are a few of the many the reason why I’m at the moment exploring a possible run for New York’s eighth Congressional District,” Ossé stated in a press release Monday. Mayor-elect Zohran Mamdani has tried to dissuade Ossé from primarying Jeffries.
— Gov. Kathy Hochul hopes that enterprise leaders can persuade President Donald Trump to not deploy Nationwide Guard troops in New York, Gothamist reports. “I’ve had conversations with loads of enterprise leaders saying, ‘When the time comes, just remember to additionally convey your issues about what this is able to do to destabilize New York Metropolis and the outsize affect that this is able to have throughout America,’” Hochul instructed reporters on Monday. “It will have an impact that different cities wouldn’t have as a result of we’re the monetary heart. And you can’t disturb that with out penalties.”
Closing Time
Residential: The highest residential deal recorded Monday was $44.9 million for a condominium unit at 50 West 66th Avenue on the Higher West Aspect. Developer Extell bought the 7,000-square-foot condominium, and the itemizing agent was Douglas Elliman’s Janice Chang.
Industrial: The highest business deal recorded was $8 million for 9-20 Principal Avenue. The Astoria nook deli has 4 models and is 10,700 sq. toes.
New to the Market: The very best worth for a residential property hitting the market was $22 million for a penthouse unit at 255 East 77th Avenue. The Higher East Aspect condominium is 5,200 sq. toes. Compass’ Alexa Lambert, Alison Black and Shelton Smith have the itemizing.
Breaking Floor: The most important new constructing allow filed was for a proposed 230,914-square-foot, 25-story residential constructing with 58 dwelling models at 37 West 66th Avenue in Lincoln Sq.. Jennifer Cheuk of Stephen B. Jacobs Group is the applicant of file.
— Joseph Jungermann
