Three major Manhattan casino proposals have been rejected in recent weeks, leaving developers to consider alternative uses for their properties. SL Green, Silverstein Properties, and the Soloviev Group each failed to secure approval for gaming facilities at their respective sites.
SL Green had planned a casino at 1515 Broadway in Times Square. After the community advisory committee voted against the proposal, SL Green chair Marc Holliday expressed his disappointment but did not comment on future plans for the site. Market analysts suggest that as Manhattan’s premium office market recovers, the property could be converted into residential units or upgraded to higher-end office space.
Silverstein Properties also saw its Far West Side casino plan fail. The company’s chief operating officer indicated that the site would likely remain vacant for years. However, some industry observers believe residential development is possible given nearby projects, including one being developed by Silverstein itself. “My guess is that the Silverstein site is going to go residential, most likely apartments,” said Aaron Appel of Walker & Dunlop.
The Soloviev Group faces similar uncertainty with its property near the United Nations complex. The site has remained undeveloped since Sheldon Solow purchased it from Con Edison in 2005 for $284 million. Although previous plans included condominium towers, these were never realized. While a sale of the property remains an option, Appel and others predict a residential project may eventually take shape there.
As critical votes approach for other casino proposals in Brooklyn, the Bronx, and Queens, developers across New York City may begin considering alternative plans if their bids are unsuccessful.
