Three major Manhattan casino proposals have recently been rejected, leaving developers to consider alternative uses for their properties. SL Green, Silverstein Properties, and the Soloviev Group each had plans for gaming facilities that failed to gain approval in recent weeks.
SL Green’s proposed casino at 1515 Broadway in Times Square was among those turned down. Marc Holliday, chair of SL Green, expressed his disappointment to the community advisory committee after the vote. The company has not provided further comment on its next steps for the site. According to an investor note from Alex Goldfarb of Piper Sandler, the property could benefit from a recovering high-end office market in Manhattan. Possible options include converting the building into residential units or upgrading it into premium office space.
Silverstein Properties also faced rejection for its Far West Side casino proposal. The company’s chief operating officer stated that the site would likely remain vacant for years following this setback. However, some industry observers are skeptical about this prediction. Aaron Appel of Walker & Dunlop told Crain’s: “My guess is that the Silverstein site is going to go residential, most likely apartments. It’s a fantastic piece of real estate.” Residential development has been growing in the area, including projects by Silverstein itself.
The Soloviev Group’s site near the United Nations has also remained undeveloped since being acquired by Sheldon Solow from Con Edison in 2005 for $284 million. While previous plans included condominium towers, these never materialized. Stefan Soloviev did not appear to prioritize development after taking over leadership from his father. A sale remains possible, but Appel and others believe a residential project could be pursued instead.
Elsewhere in New York City, developers with pending casino proposals in Brooklyn, the Bronx, and Queens may need to prepare alternative plans as key votes approach.
“My guess is that the Silverstein site is going to go residential, most likely apartments,” said Aaron Appel of Walker & Dunlop. “It’s a fantastic piece of real estate.”
