(Bloomberg)—SL Inexperienced Realty Corp. goals to redevelop a Instances Sq. workplace constructing into the tallest tower within the space because it competes for certainly one of New York State’s on line casino licenses.
The Manhattan-based landlord on Monday revealed additional particulars of its on line casino bid, which incorporates partnerships with Caesars Leisure Inc. and Roc Nation, the leisure company based by Jay-Z.
SL Inexperienced has proposed a theater to anchor the principle flooring of the constructing, at 1515 Broadway, and a boutique gaming venue above. The tower may have the world’s largest mixture of three-dimensional promoting indicators and embody a five-star lodge, SL Inexperienced’s managing director Brett Herschenfeld mentioned on the firm’s yearly investor convention. The undertaking additionally will make the constructing the tallest within the Instances Sq. “bow tie” — the blocks surrounding the purpose the place Broadway and Seventh Avenue cross, he mentioned.
“There isn’t any higher location in New York State for a mixed-use on line casino than Instances Sq.,” Herschenfeld mentioned. “It’s the world’s high vacationer attraction, and our on line casino will generate over 7 million internet new guests.”
The true property funding belief introduced its preliminary plans in October, becoming a member of different builders and on line casino operators additionally vying for 3 gaming licenses for New York’s downstate area. Hudson Yards developer Associated Cos., in partnership with Wynn Resorts Ltd., and Stefan Soloviev, the billionaire proprietor of 9 W. 57th St., are amongst those that’ve additionally mentioned they intend to use for licenses.
Learn extra about Soloviev’s plan to construct a on line casino close to the United Nations.
SL Inexperienced additionally mentioned it would discover office-to-residential conversion alternatives within the metropolis, a technique that’s gaining recognition with landlords at a time when many older workspaces have massive vacancies and demand for housing stays excessive. The corporate mentioned it’s advertising and marketing a number of buildings in Midtown that it thinks may very well be good candidates for conversion, together with 625 Madison Ave. and a pair of Herald Sq..
“We’re out there now with a number of extra property the place we imagine change of use may very well be viable,” SL Inexperienced President Andrew Mathias mentioned. “Change of use is a dominant theme out there at this time as town grapples with unprecedented emptiness.”
Earlier Monday, SL Inexperienced minimize its annual dividend by 13%, based mostly on its expectation for 2023 funds obtainable for distribution. The transfer “alerts the magnitude of a possible earnings decline for subsequent yr,” Bloomberg Intelligence analyst Jeffrey Langbaum mentioned in a report.
The corporate’s shares fell 6.4% to $38 at 3:26 p.m. New York time. They’ve declined about 49% this yr.
To contact the creator of this story: Natalie Wong in New York at [email protected]
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