Large 1978 crowd watching dash to finish at Aqueduct was typical of era, when 25,000 turned up daily.
Developers and residents in southern Queens may soon be locked in a billion-dollar battle over the fate of Aqueduct Race Track after Gov. Spitzer said yesterday the state could be shutting it down.
The governor finally addressed rumors about Aqueduct by saying the 192-acre horse-racing complex might be shuttered, leaving Belmont and Saratoga as the state's only Thoroughbred tracks.
"Whether or not you have racing at Aqueduct, you have an enormous piece of land there that can and should be used for some other things," Spitzer told the Daily News Editorial Board. "That's a remarkably valuable piece of land from a public perspective."
Those are magic words to real estate developers, who may soon get a chance to submit fresh proposals for the rundown track, which sits on a parcel of land that could be worth $1 billion.
"This type of square footage hasn't been available in a hog's age," said Peter Von Der Ahe, a director at the real estate investment firm Marcus & Millichap in Manhattan. He predicted every large developer in the city would pursue the property, which is 12 times the size of Ground Zero.
But Aqueduct's neighbors in South Ozone Park say they wish the 113-year-old track could be restored to its former glory - and they fear what could be built there instead.
"The community is very nervous about what would go there if they close the track," said Assemblywoman Audrey Pheffer (D-Queens). "But it seems like no one is listening because they must have this preconceived plan to bring in developers to take it over. All we hear is that it's a valuable piece of real estate."
Real estate experts said they could envision hotels, a conference center, housing and even a golf course on the property. One expert who requested anonymity said the parcel could fetch $1 billion or more because of its easy access to the A train, the Van Wyck Expressway, the Belt Parkway and Kennedy Airport.
The bankrupt New York Racing Association operates the Aqueduct, Belmont and Saratoga race tracks under a franchise that expires at the end of the year. The state solicited bids for new operators but has not acted on them; one major bidder has pulled out.
Spitzer said the state is trying to figure out the best business model for racing and real estate at the tracks, and may seek a new set of bids.
"You may decide you want to make it a park. Okay, that's one option," the governor said. "You may decide it should be a convention center. You may decide it should be some combination of all sorts of obvious things. But some way, those options need to be confronted."
That could mean the end of a plan to put 4,500 casinolike video lottery terminals at Aqueduct, which many neighbors hoped would revitalize the track.
"If they had a casino, that would be fantastic," said Betsy Parker, 38, an assistant horse trainer. She lives across the street from the track and fears she and her husband would lose their jobs if Aqueduct closes.
"I wouldn't mind the casinos. It's somewhere I could go on a Saturday night," said her neighbor Dean Psomiades, 53. "I'd rather they have new ownership and keep it the way it is."
Aqueduct Race Track
Some quick facts about Aqueduct Race Track, which Gov. Spitzer says may be shuttered and sold to a developer:
