The Real Deal New York

From the April issue: If the city’s Off-Track Betting operation goes ahead with its plan to shut down six dozen storefronts in mid-June, you can bet that the properties that those gritty, 1970s-era parlors sit on will likely become go-to spots for new commercial and retail ventures. Brokers said the planned shutdown, which involves locations in all five boroughs, provides a rare real estate opportunity. While not all OTB outposts are in prime locations, some are in retail hotspots or on the edges of up-and-coming neighborhoods. They said OTB landlords, who have been locked into long-term, discounted leases with the government, could get back into market-rate leases, possibly doubling their rents overnight. Gary Trock, senior vice president of retail services at CB Richard Ellis, said the shutdown will likely pave the way for more upscale retailers.