This week, the future of two proposed casino developments in Manhattan will be decided as Community Advisory Committees (CACs) cast their votes on plans submitted by Silverstein Properties and SL Green Realty.
After more than two years of public presentations, both developers are awaiting decisions from CACs composed of six members each. For a proposal to move forward to the next phase, at least four members must approve it. If either project fails to secure enough votes, it will be eliminated from consideration. Proposals that advance will then be evaluated by the state’s Gaming Facility Location Board, which is responsible for awarding three casino licenses in New York.
Silverstein Properties has indicated that if its proposal is rejected, its site would remain undeveloped. SL Green faces questions about the financial viability of its Times Square office tower should its bid not succeed.
SL Green has partnered with Caesars Entertainment, Roc Nation, and Live Nation to propose a $5.4 billion transformation of 1515 Broadway into a casino complex with a 992-room hotel, restaurants, and an entertainment venue.
Silverstein’s plan for the Avenir involves a $7 billion casino complex at 41st Street and 11th Avenue. The project includes a 1,000-room Hyatt Hotel and several dining options. Silverstein has also pledged funding to convert nearby offices into approximately 2,000 housing units but has yet to identify specific properties.
The CAC votes are intended to gauge community support for each proposal. However, because committee members were appointed by elected officials—some openly opposed to casinos—the outcome remains uncertain despite efforts by developers to build local backing. Both teams have held public hearings; according to Silverstein’s team, their most recent hearing saw 122 supporters speak in favor compared with 39 against.
Opposition groups include the Broadway League regarding the Times Square proposal and residents of Manhattan Plaza concerning the Manhattan West site.
Elsewhere in New York City real estate:
– A report from State Comptroller Tom DiNapoli indicates that most New Yorkers will see minimal benefit from recent Republican-led federal spending legislation; advantages such as deductions for overtime pay or car loan interest will largely affect seniors and tipped workers (https://www.thecity.nyc/politics/2025/09/16/ny-republican-spending-bill-di-napoli).
– Assembly member Micah Lasher is considered an early favorite to succeed Rep. Jerry Nadler following Nadler’s retirement announcement (https://www.crainsnewyork.com/politics/micah-lasher-emerges-frontrunner-jerry-nadlers-seat).
– Governor Kathy Hochul endorsed Zohran Mamdani for mayor in an opinion piece published by The New York Times while clarifying differences between her positions and Mamdani’s democratic socialist policies (https://www.nytimes.com/2025/09/15/opinion/kathy-hochul-zohran-mamdani-mayor.html).
In property transactions this week:
– The top residential sale was a $10.5 million condominium at 944 Park Avenue.
– The leading commercial transaction was an $18 million sale of a five-story mixed-use building at 643-47 Ninth Avenue.
– A new listing appeared at 50 Central Park South for $29 million.
– The largest new building permit filed was for an 11-story mixed-use facility at 16 Convent Avenue in Manhattan.
