Hudson Yards West: A $12B Casino Vision
Related Companies, Wynn Resorts, and Oxford Properties are behind the $12 billion Hudson Yards West proposal. If approved, the plan would include a casino, 1,500 housing units (324 affordable), a school, a 5.6-acre public park, and $197 million invested into local community organizations. The project is projected to generate $2.7 billion in MTA revenue and create 35,000 construction jobs and 5,000 permanent jobs. One percent of gross gaming revenue would go to local nonprofits.
“Today marks a critical milestone for Hudson Yards West: Thanks to the collaborative process with City Planning, we are closer than ever to delivering on this historic investment in our community,” said Jeff Blau, CEO of Related Companies.
The Department of City Planning approved the plan by a 9–4 vote, sending it to the City Council. If passed, the state will decide whether to award one of three casino licenses. However, opposition—including from Manhattan Borough President Mark Levine—argues that the plan drastically cuts housing units from 5,800 in 2009 to just 1,500 now, and requires aggressive rezoning.
Brooklyn Sees Strategic Debt, Distress & Sales
Joyland Group refinanced the newly completed 828 Metropolitan Avenue with an $88M loan from Citibank, arranged by Arrow Real Estate Advisors. The 136-unit building includes 37 affordable units through the now-expired 421a program and contains 9,700 square feet of commercial space and indoor parking. Revenue was $8.7 million annually.
Nearby at 7 Rewe Street, Kenneth Chan secured a $22.2M refinance from Stormfield Capital for a 74,180 sq ft industrial building with 128,619 sq ft in air rights. The total buildable space is over 200K sq ft.
A distressed office sale at 185 Marcy Avenue saw Rivington Company purchase the 57,425 sq ft building for $28.7M in an REO deal. The previous owner bought it for $29.9M in 2017 before losing it to foreclosure. The site is expected to generate steady income.
City Foreclosure Marks a Bronx Policy Shift
The city foreclosed on 2201–2205 Davidson Avenue in the Bronx, a 49-unit building owned by David Kornitzer, who owed $28M in back taxes and fees. The property had more than 600 violations, including 245 labeled immediately hazardous.
The building has been transferred to Neighborhood Restore and property manager Lemle and Wolff. The city plans to renovate and convert it into permanently affordable co-ops. This is the first city-initiated foreclosure since 2019 and may signal the return of the Third Party Transfer program.
Arup Leases 100K SF in FiDi
Engineering consultancy Arup signed a 16.5-year lease for 99,418 sq ft across four floors at 140 Broadway. The move from 77 Water Street—being converted to residential—marks a strong sign of life in the leasing market.
“We’ve decided to relocate our New York office with the goal of inhabiting a new space that sets us up for improved collaboration, greater flexibility and an enhanced ability to partner with and support our local, regional and global clients,” said Kyle Fisher of Arup.
The lease comes amid Midtown and Downtown leasing volume hitting post-2019 highs, and further highlights the diverging performance between Class A and outdated office product.
Foreign Capital Eyes the Upper West Side
Osaka-based Shinwa Real Estate Co. purchased 159 West 85th Street, a 20-unit walkup on the Upper West Side, for $8.8 million from Brand Family Realty. The building includes five rent-regulated units, is in the Central Park West Historic District, and generated $655K annually.
This marks Shinwa’s second UWS acquisition following its 2022 buy at 203 West 80th Street. The company’s attorney, Devin Yasuda, has handled over 10 NYC transactions for Japanese buyers in the past three years, signaling a strong international appetite for stable, rent-producing Manhattan properties.
For more insights, consult Jordan Shea.