Latest news with #SilversteinProperties
Bloomberg
26-06-2025
- Business
- Bloomberg
NYC Casino Bidders Add Pledge for More Than 2,000 Apartments
New York real estate developer Silverstein Properties is promising to convert office buildings into 2,000 new apartments in a bid to win a coveted casino license in Manhattan. The sweetener adds to Silverstein's pitch to invest $7 billion in a major casino project on Manhattan's west side. The developer would work with Metro Loft to purchase and convert offices in the area into residences — 500 of which would be considered affordable — if Silverstein's project, called the Avenir, is awarded one of the casino licenses.
Travel Weekly
25-06-2025
- Business
- Travel Weekly
Developer of proposed NYC casino chooses Hyatt as hotel partner
The Avenir, a mixed-use casino complex proposed for the West Side of Manhattan, will have a 1,000-room hotel affiliated with Hyatt if the developer wins approval. The luxury hotel would be called The Avenir and be part of the Destination by Hyatt collection of independent hotels and the World of Hyatt loyalty program. Developer Silverstein Properties envisions that the proposed complex would drive increased convention business to the nearby Javits Center. "New York City is competing globally for exhibitions, conventions and meetings," said Tal Kerret, president of Silverstein Properties. "We've assembled an extraordinary team of food and beverage partners, and now a leading hotel brand that will help support and add to New York's vital tourism and convention industries." Plans call for full-service restaurants and a food hall showcasing local eateries. Hyatt head of Americas development Dan Hansen said the hotel would be a "significant milestone in our strategic expansion in key travel destinations." Eight developers remain in the bidding for the West Side casino project after Related Companies, Oxford Properties and Wynn Resorts pulled out.
Bloomberg
18-06-2025
- Business
- Bloomberg
NYC Developer Silverstein Bets on Rising Wealth of Seattle's Neighbor
New York developer Larry Silverstein, best known for his World Trade Center skyscrapers, is going all-in on the Pacific Northwest, taking full ownership of a project surrounded by some of the wealthiest US ZIP codes and the world's biggest companies. Avenue in Bellevue, Washington, has two luxury condo towers, where roughly 40% of the units have sold at an average price that has far outpaced other new buildings nearby. A $9 million penthouse purchase set a state record for the highest condo price per square foot. Silverstein's firm assumed control of the development last year, shortly after the InterContinental Hotel on the site opened.
Daily Mail
08-06-2025
- Business
- Daily Mail
It looks like a wasteland but elaborate plan aims to turn it into a skyscraper casino in heart of big city
A dusty, underused lot could soon become the site of Manhattan's flashiest new attraction - a gleaming 785-foot-tall casino tower called The Avenir, complete with a luxury hotel. Unveiled by Silverstein Properties in partnership with Rush Street Gaming and Greenwood Gaming and Entertainment, the project aims to transform the Far West Side of the city with a sculptural skyscraper designed by CetraRuddy Architecture and Steelman Partners. The design features 'gentle harmonious waves' rising from a nine-story base to a 45-story tower - marking a major revision from the two connected towers originally proposed in 2023. 'This is a neighborhood we've invested in for over 40 years,' said Lisa Silverstein, Chief Executive Officer of Silverstein Properties. 'We care deeply about the fabric of this community.' 'We worked hard to create a design that brings a vibrant and dynamic ethos and contextually that fits within this special part of the city,' she continued. 'We hope to bring many components to this project and balance the right amount of activity to serve the community in a thoughtful way that will elevate the neighborhood. We designed The Avenir as though the neighborhood is a campus, architecturally tying all the elements so they work seamlessly together.' The ambitious 1.8 million square foot project includes a 1,000-room hotel, more than a dozen bars and restaurants, a boutique entertainment venue, meeting spaces, a spa, and an outdoor pool overlooking Manhattan's skyline. There will also be an affordable housing element. The casino itself will take up less than 12 percent of the overall development, but will feature VVIP and VIP rooms, a poker area, sportsbook, and a dramatic four-story window bar with skyline views. On the ground level, the building will feature multiple pedestrian entrances and a porte-cochère to ease congestion. A community gallery along 11th Avenue will span an entire block, offering a glass-enclosed space with 45-foot ceilings for local artists, cultural events, and educational programming. 'The Avenir site is located at the crossroads of diverse neighborhoods and activity districts that currently are not connected,' said Nancy Ruddy, Founding Principal of CetraRuddy, in a statement. 'The development of the site will knit together the fabric of this part of the Far West Side by creating an exciting cultural hub that reinforces New York's character as a pedestrian-friendly and walkable city.' Tim Drehkoff, CEO of Rush Street Gaming, added: 'We are delighted that the design of The Avenir blends seamlessly and harmoniously into the Far West Side neighborhood. Our goal with all of our facilities is to fit in, support and benefit the communities in which we operate.' The development also includes a major affordability initiative: more than 100 permanently affordable off-site apartments offered through the city's housing lottery system - responding to a recent call from Manhattan Community Board 4 for more housing options in the neighborhood. Silverstein Properties has developed nearby residential buildings like River Place and Silver Towers and the company has a long history of building affordable housing in the area. 'It will bring more security, enterprise, and entertainment on a level that doesn't exist in one establishment and become a sophisticated addition to the New York skyline,' Silverstein said. Designed by CetraRuddy Architecture and Steelman Partners, the sculptural tower would include a 1,000-room hotel, restaurants, a boutique venue, a rooftop pool, and a casino taking up less than 12 percent of the total space The Avenir is one of several big-money contenders vying for one of three downstate casino licenses. Other bids include an $8 billion 'Metropolitan Park' proposal from Mets owner Steve Cohen, a Jay-Z-backed Caesars Palace in Times Square, and a futuristic Freedom Plaza casino designed by Bjarke Ingels. Meanwhile, other plans - including Related's Hudson Yards casino and proposals from Saks Fifth Avenue and Las Vegas Sands - have already been scrapped. With its fully controlled, shovel-ready site and no need for land use approvals or displacements, Silverstein's project is positioned as a strong contender. Final casino bids are due June 27, with decisions expected by the end of the year.
Yahoo
21-05-2025
- Business
- Yahoo
World Trade Center developer Larry Silverstein's bid for NYC casino gets a big boost
World Trade Center developer Larry Silverstein strengthened his bid to open a casino on Manhattan's Far West Side with an addition to his team that already has a foothold in the Empire State gaming industry. Silverstein Properties will be joined by gaming operator Rush Street — which operates Rivers Casino and Resort in Schenectady — as it looks to build the Avenir, a casino and 46-story mixed use complex on vacant property at 11th Avenue and 41st Street. 'We are excited to announce our partnership with Rush Street Gaming, as well as Greenwood Gaming and Entertainment to create a home-grown entertainment complex on Manhattan's Far West Side,' founder and chairman Larry Silverstein said in a statement. 'Each of our organizations is family-owned, multi-generational, and deeply committed to the neighborhoods in which we work and live,' he added. 'Our company has been part of the West Side for over 40 years, and we look forward to continuing to work together on a project that will bring much needed jobs, tax revenue, economic development, and affordable housing to the City and State.' Up to three casino licenses in the New York downstate region are up for grabs and bids are due to regulators by June 27. Rush Street will join Greenwood Gaming, which operates two casinos in Pennsylvania. 'We greatly admire what Silverstein Properties has accomplished in terms of developing important projects in New York City,' said Tim Drehkoff, CEO of Rush Street Gaming. 'Our past projects in Pittsburgh, Philadelphia and Schenectady were each the first destination casinos in their respective cities, and we look forward to working with Silverstein, Greenwood and the Far West Side community on the Avenir.' The Avenir project site is located on 92,000 square feet of vacant space just north of the Jacob Javits Convention Center that is fully owned and controlled by Silverstein and is shovel-ready upon approval, according to the company. Building the complex is projected to create 4,000 union construction jobs and more than 5,000 permanent union jobs when completed, according to the developer. There is stiff competition for the three casino licenses. To the south for example, Related Companies/Wynn Resorts has proposed a massive $12 billion casino complex to build in Hudson Yards. There are other casino proposals pitched at sites in Times Square, by the East River waterfront, and in Queens by Citi Field, The Bronx and Coney Island, Brooklyn. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
