SL Green, Hard Rock Submit Plan to Revitalize Aqueduct

SL Green Realty Corp. and Hard Rock International have submitted a proposal to revitalize the Aqueduct Race Track in Queens, N.Y., by developing and operating a mixed-use entertainment complex that includes racing, gaming, restaurants, retail and hotels. Financial information about the project will not be disclosed until after the venture completes its presentation to New York State later this week or next. Known for its Manhattan office and retail portfolios, gaming and entertainment is a new direction for the company. “SL Green has a history of successfully implementing real estate investment strategies that take it into new directions while capitalizing on the company’s core competencies,” said Andrew Mathias (pictured), the company’s president & chief investment officer, in a prepared statement. “We think the redevelopment of Aqueduct would be a great opportunity to build on that track record.” Details of the plan remain sketchy, but may include a gaming floor housing 4,500 video lottery terminals and a 4-Diamond Hard Rock hotel with restaurants, a spa and fitness center, a pool and displays of Hard Rock’s most valuable music memorabilia. The complex would also include high-end retail and outlet shops plus a Hard Rock live entertainment venue. Based in New York City, SL Green acquires, owns and manages Manhattan office properties. As of the end of March, the company owned 31 New York City office properties totaling approximately 24.4 million square feet. The company also has investment interests in nine retail properties and 36 suburban assets in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey. Orlando, Fla.-based Hard Rock International owns 13 hotel-casinos and 127 Hard Rock Cafes.