Meadowlands track put on life support

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Newmark’s Jeff Gural is racing to save Meadowlands Racetrack

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Jeff Gural, chairman of Newmark Knight Frank, has inked a deal with New Jersey Governor Chris Christie to lease the defunct Meadowlands Racetrack, which began hemorrhaging cash after the closure of Off-Track Betting parlors in New York. Gural will likely pay the state $1 a month in rent for the Northern Jersey track for the next five years, according to Real Estate Weekly, as Newmark attempts to steer the 35-year-old horse racing facility back to profitability. Gural said he plans to make numerous capital improvements to the track, including the construction of a new grandstand. Governor Christie said that, following Newmark’s five-year grace period, his office will settle on a fair rate. Gural said he hopes to reopen the track by July 2012. [Real Estate Weekly]