New York Mets owner Steve Cohen might be inching closer to making his casino dreams in Queens a reality. The billionaire's joint venture with Hard Rock International, known as Queens Future LLC, has teamed up with Slate Property Group, LLC, on an affordable housing project to deliver more than 450 apartments to Corona.
The deal is under a Memorandum of Understanding and Queens Future's Metropolitan Park $8 billion investment plan, which would redevelop Citi Field (home of the Mets) parking lots and replace them with various entertainment options, which includes a casino and sportsbook.
The affordable housing units would be placed on what is now a parking lot at 54-19 100th Street and be a part of a $1 billion community benefits package of the Metropolitan Park plan, according to Slate and Queens Future. The proposal would ensure long-term affordability of the units for at least 60 years with them being available to a "range of incomes, and create job opportunities in the construction phase.
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“From day one, Metropolitan Park has been Queens-focused, with a comprehensive vision that addresses community priorities and economic needs,” said Mets owner Steve Cohen.
“In addition to creating 23,000 good paying local jobs, we have been committed to working with local community organizations to improve the quality of life for our neighbors.”
Meanwhile, Metropolitan Park has faced opposition from some New York State lawmakers. A state law is needed to redesignate the parking lots from parkland for entertainment use, as explained by the New York Post.
State Senator Jessica Ramos, who represents Queens neighborhoods including Corona, has been most vocal in objecting to at least part of Cohen's plan, which needs a permit for the entire project to proceed.
"I will not introduce legislation to alienate parkland in Corona for the purposes of a casino," she said in a statement in May 2024
"Whether people rallied for or against Metropolitan Park, I heard the same dreams for Corona. We want investment and opportunity, we are desperate for green space, and recreation for the whole family. We disagree on the premise that we have to accept a casino in our backyard as the trade-off. I resent the conditions and the generations of neglect that have made many of us so desperate that we would be willing to settle.
It's unclear if the new move will change her thinking — but a few days ago, fellow State Sen. John Liu said he would introduce parkland alienation legislation to push forward Metropolitan Park. Ramos' counter-proposal last spring included support for a hotel and convention center — but left out a casino.
Whether this all gets approved still remains unclear. But New York certainly needs affordable housing, and perhaps that's enough to push the deal over the finish line.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
