Newmark’s Jeff Gural submits plan to run Meadowlands Racetrack

TRD New York /
Mar.March 17, 2011 06:34 PM
From left: NJ Governor Chris Christie, a Meadowlands horse trotter and Newmark Knight Frank’s Jeff Gural

Newmark Knight Frank’s Jeff Gural submitted a proposal to New Jersey Governor Chris Christie to operate New Jersey’s doomed Meadowlands Racetrack, according to the Bergen Record. The state’s horseracing tracks have drawn the ire of politicians for depending upon a $30 million subsidy from Atlantic City casino earnings that could otherwise be used for more pressing municipal needs.

Christie has already cut the funding for the racetracks, and the Meadowlands Track is scheduled to shut down in April. But if Gural makes a satisfactory offer soon — and he would do so with the understanding that subsidies would be limited or non-existent — the track can still host its usual slate of big races come May.

Gural has raised $40 million for the erection of new grandstands and off-track betting sites that would make it a viable venture, but he’s still well short of the $100 million he estimates is required for the project. [The Record]

Related Articles

Jordan Roeschlaub and Dustin Stolly, Newmark Knight Frank

Co-heads of Newmark’s debt team host holiday bash

Triplemint’s David Walker and John Scipione with Hoboken, New Jersey (Credit: iStock)

Triplemint expands to New Jersey

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Thor's Joseph Sitt and the New Jersey Center of Excellence

Thor is breaking into the life sciences industry

Robert K. Futterman (Credit: Southampton Town Police)

Futterman’s latest DUI wouldn’t factor into termination case: legal expert

Jimmy Buffett and a rendering of Margaritaville Times Square (Credit: Getty Images, Margaritavilla/The McBride Company)

Sued away again in Margaritaville: Newmark claims chain breached exclusive contract

Before demolition. the historic home at 44 Pleasant Avenue was on the market for $10 (Credit: Montclair Township, iStock)

A home listed for 10 dollars, but no one wanted it

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news