Aqueduct bidders mull over request for $200M upfront

New York /
Nov.November 03, 2009 08:44 AM

Bidders on the Aqueduct racetrack in Ozone Park, Queens, will have to prove their ability to pay the state $200 million within 30 days of winning the redevelopment rights to the project, Governor Paterson wrote in a letter to the companies on Friday. The request is likely to pare down the list of six bidders, which includes SL Green, MGM Mirage and Penn National Gaming, because most would need to revise their original project plans in order to comply with the request. SL Green has offered $275 million for the Aqueduct, but only $125 million would be paid upfront. Providing more money from the get-go would allow the governor to follow through on his plans to reduce the budget deficit by $5 billion, while ensuring that the winning bidder does not back out. Last year, Delaware North won the rights to the Aqueduct project but could not come up with enough cash. The group is again vying for the winning bid. Bidders have until Nov. 6 to reply to Paterson’s letter. Paterson, along with Assembly Speaker Sheldon Silver and temporary Senate President Malcolm Smith, will ultimately select the winner. [Crain’s]


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
SL Green puts Daily News building up for sale
SL Green puts Daily News building up for sale
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green snags private-equity firm at One Vanderbilt
SL Green’s locks in big bank lease at Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
106 Spring Street with SL Green's Marc Holliday of SL Green and Paceline Equity Partners' Sam Loughlin (Google Maps, iStock)
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
One of Soho’s priciest retail spaces sells at UCC foreclosure auction
SL Green's Marc Holliday and Brookfield Asset Management's Bruce Flatt with Tower 46. (SL Green, Brookfield)
SL Green to sell its 25% stake in Tower 46 to Brookfield
SL Green to sell its 25% stake in Tower 46 to Brookfield
SL Green CEO Marc Holliday with 11 Madison Avenue and 100 Park Avenue (SL Green, Google Maps/Illustration by Alexis Manrodt for The Real Deal)
SL Green sees improved “market vibe,” office return in “a blink of an eye”
SL Green sees improved “market vibe,” office return in “a blink of an eye”
From left: 11 Madison Avenue, Beam Suntory CEO Albert Baladi and SL Green CEO Marc Holliday (Photos via Beam Suntory; SL Green)
Beam Suntory will move HQ to 11 Madison Ave from Chicago
Beam Suntory will move HQ to 11 Madison Ave from Chicago
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...