Cohen Reluctant on Signing Parking Deal with NYCFC Because of Casino Ambitions

Steve Cohen, an American hedge fund manager and owner of the New York Mets MLB franchise, has refrained from signing a deal with New York City FC to share a certain 50-acre parking lot. The billionaire, who is planning to use the land for a future casino, has not agreed to a deal that would have allowed fans of New York City FC to park there.

Cohen is currently holding the land in hopes of winning one of the NY casino licenses. While the state plans to only award three such licenses, high-profile companies and investors are already making plans for potential gambling venues.

The deal that Cohen did not agree to would have allowed NYCFC fans to park at the Mets’ Citi Field when coming for Willets Point stadium games. The stadium, which is still being built by Queens Development Group, will be a part of a complex that will also include housing and a school. In the second phase of the project, the soccer stadium will be completed, more housing will be added and a new 350-hotel will be built.

While the first facilities wouldn’t be ready until 2026, the project will require a degree of coordination between the Mets and NYCFC. The two franchises have overlapping seasons and will have to coordinate the parking spaces for stadium visitors.

However, to reach an agreement, Cohen must be willing to negotiate with Queens Development Group. The group’s current planning documents outline that attendees of soccer events at the Willets Point stadium would occupy spaces surrounding Citi Field through an agreement with the Mets.

About Cohen’s Project

The billionaire is yet to put his signature on the deal because of his ambition for the land. However, even if he is to build a casino, the process would be arduous, considering that the lot is legally considered parkland.

To make the development of a casino a reality, Cohen will have to alienate the lot. He already introduced a bill for that but despite his lobbying efforts, the city continues to oppose his plans.

A recent poll, on the other hand, showed that many Queens residents tend to be favorable of the idea of a casino in the area. According to a survey conducted by Schoen Cooperman Research, around 78% of the residents expressed their support for the project.