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Soloviev bets long-dormant Midtown East site in casino sweepstakes

Dev to pitch hotel, entertainment complex 20 years after Sheldon Solow acquired site

Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)

Stefan Soloviev is the latest to gamble on New York’s casino sweepstakes, proposing to develop on a site acquired by his father several decades ago.

Soloviev, heir to Sheldon Solow’s real estate empire, intends to apply for a casino license for a site south of the United Nations on the east side of Manhattan, Bloomberg reported. The six-acre site spans multiple parcels — primarily between 38th and 41st streets east of First Avenue — formerly occupied by a Con Edison plant.

Solow and his partners acquired the property in 2000 for $600 million. The developers planned a $4 billion project including more than 4,000 apartments and a 700-foot office tower. But the financial crisis stymied the project, leading Solow to sell one parcel and develop another. Six acres of undeveloped land remain for a possible casino complex.

Soloviev’s pitch to secure one of three licenses for full-service casinos in New York City includes a 1,000-room hotel and four-acre park. The proposal are a Ferris wheel and a museum centered around democracy.

The Soloviev Group is in discussions with several Las Vegas gaming firms to partner on the proposal.

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Since taking over the firm upon Solow’s death in November 2020, Soloviev has been making moves to dismantle the portfolio of his father’s empire. He has largely focused his energy on running a cattle and wheat agricultural business in New Mexico and buying up farms and vineyards on Long Island’s North Fork.

Sources told The Real Deal last month Soloviev is finalizing an agreement to sell the prestigious office tower at 9 West 57th Street, which could be one of the largest office deals in history. Soloviev denied plans for a sale to Bloomberg.

Competition between potential casino developers is growing — some are showing their hands, but few appear willing to fold anytime soon.

Lawmakers approved three licenses, but two properties are regarded as having a solid head start. Resorts World/Genting at Aqueduct in Queens and the Empire City/MGM at Yonkers already operate as slot parlors. Related Companies, Thor Equities, SL Green and Vornado Realty Trust are among the others who have thrown their hats in the ring with proposals for casinos in neighborhoods like Hudson Yards and Times Square.

— Holden Walter-Warner

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CasinosCommercial Real EstateHotelsSheldon SolowStefan Soloviev