By Daniel Edward Rosen 9/13/12 1:55pm

MeanwhileIn Queens

Coming soon to a Queens stadium near you? (photo courtesy of Getty Images)

Will Two Queens Soccer Stadiums Get Kicked to the Curb?

Plans to bring two pro sports stadiums and a 1 million square foot shopping mall to Queens are getting it in the ear from local community groups and politicians.

The two stadiums, which if realized will be built in separate locations near Flushing Meadows Corona Park, are being planned without considering the great impacts of foot and car traffic both developments will bring to an already congested part of Queens, critics of the developments tell The Wall Street Journal.

Mayor Michael Bloomberg’s plans include an 8,000-seat U.S. Tennis Association stadium and a 25,000-seat Major League Soccer Stadium. The new shopping mall could be located in Willets Point, directly across from Citi Field. Read More

By Daniel Edward Rosen 6/26/12 1:00pm

Casino Gambling in the Empire State

New York Governor Andrew Cuomo introduce

Place Your Bets: Real Estate and Gaming Companies Jockey for Position

One would assume that owning two racinos would result in handsome profits for Jeffrey Gural.
Yet despite reports that the racino at the Aqueduct Racetrack in Queens made $57.5 million in May, outpacing Mohegan Sun as the country’s top slot-machine moneymaker, the Newmark Grubb Knight Frank chairman’s investment in Tioga Downs and Vernon Downs has not been so lucrative, in part because of unfavorable locations and a high tax rate.

“One problem I have is one racino is five miles away from an Indian casino that has table games—that was a terrible decision,” Mr. Gural said late last week. “My other racino is in Tioga County in a town of 1,000 people. Obviously, if you have a great location like Aqueduct and Yonkers, you’d make a lot of money. But the bulk of the money is going into state taxes.” Read More

By Matt Chaban 10/11/11 1:00pm

Week In Review

A handful of developers are competing to redevelop the so-called "Iron Triangle." (The NYC Economic Development Corporation)

Related and the Wilpons Team Up for Willets Point Pitch

While some people are hoping—futilely, perhaps—for a high-tech college at Willets Point, the official R.F.P. is also cranking along, with application filed this past week. Crain’s now has word of a handful of the developers competing to redevelop the Iron Triangle, and one looks to be a hit, if it weren’t already facing a few strikes.

The Related Companies has teamed up with Sterling Equities, which is controlled by Mets owners Fred Wilpon and Saul Katz, to submit a proposal to redevelop the 12.75 acres included in the project’s first phase, the sources said. Silverstein Properties, which is building three towers at the World Trade Center site, also threw its hat into the ring. None of the firms would comment. A source said Sterling had teamed up on bids with more than one firm. Read More