Whirlwind Wednesday shakes up NYC real estate
Wednesday was an unparalleled day in recent memory of New York City real estate news.
Whirlwind Wednesday Rocks NYC with Real Estate Upheaval
Wednesday was a day of drama and disappointment for some of New York City’s biggest developers and real estate players. The morning began with the announcement that two casino bids in Manhattan had been rejected, sending shockwaves through the industry.
First, SL Green’s $5.4 billion casino proposal in Times Square was voted down by a Community Advisory Committee, with a final vote of 4-2. This decision effectively eliminates SL Green from the final round of the state’s casino licensing competition. The rejection was met with fierce criticism from SL Green CEO Marc Holliday, who publicly chastised committee members, except for those appointed by the mayor and governor, who were the only two to vote in favor of the proposal.
“What you did here today was a shameful display of corruption and cronyism,” Holliday said, according to sources. “SL Green was the clear choice for this project, and it’s clear that certain individuals have their own personal agendas at play.”
The drama didn’t end there, as later in the day, news broke that HFZ Capital’s proposal for a casino in the West Chelsea neighborhood had also been rejected by the same committee. This decision came as a surprise, as HFZ was considered a strong contender for the project.
The rejection of these two casino bids has left many in the industry reeling, with some questioning the motives behind the committee’s decisions. “It’s clear that there are forces at work here that are willing to sabotage the success of these projects,” said a representative from HFZ. “We will be looking into this matter further.”
While the casino rejections dominated