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New York

Silverstein crashes NYC casino race

Far West Side proposal spans 1.8M sf

Silverstein Properties' Larry Silverstein, undeveloped land on 41st Street and 11th Avenue (Getty, Google Maps)
Silverstein Properties' Larry Silverstein, undeveloped land on 41st Street and 11th Avenue (Getty, Google Maps)

Another major real estate magnate is trying to court Lady Luck — and the New York State Gaming Commission.

Larry Silverstein added an eleventh hour proposal to the pool of bids for one of three downstate gambling licenses, the New York Times reported. 

Silverstein Properties’ development — dubbed Avenir — would play out on undeveloped land at the corner of 41st Street and 11th Avenue in Manhattan’s Far West Side. The 1.8 million-square-foot development calls for two 46-story towers, which would be connected by a sky bridge.

The casino would be at the base of the property, which would also include a hotel, a performance hall and about 100 affordable housing units. Nancy Ruddy of CetraRuddy is one of the designers on the proposal, while the owner of Parx Casino in Pennsylvania is also a partner on the bid.

Silverstein said the appeal of his bid would be that, while it’s close to a number of neighborhoods, it’s not central to any. That could lessen the chances of local resistance; many of the Manhattan proposals are facing some degree of community opposition. The site is also close to the Javits Center, which has been cited in Related Companies’ Hudson Yards proposal.

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Silverstein has actually spoken about his anti-gambling beliefs, but posited to the ztimes the needs of the community are more important than his personal preferences.

Whether or not his argument will have sway remains to be seen. The state is expected to give out three gaming licenses, two are suspected to already be spoken for at the “racinos” in Aqueduct Racetrack and Yonkers Raceway.

The competition for the last license is fierce. Along with Silverstein and Related in Manhattan, SL Green, Caesars and Jay-Z are behind a bid for Times Square; Vornado Realty Trust in Herald Square; and the Soloviev Group and Mohegan in Midtown East.

Outside of Manhattan, there’s also Thor Equities’ bid at Coney Island, Steve Cohen’s gestating proposal near Citi Field and the Sands’ plans for Nassau Coliseum.

— Holden Walter-Warner

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CasinosFar West SideLarry SilversteinSilverstein Properties