Chelsea Piers New York Transaction Overview
STRATEGIC RATIONALE
One-of-a-Kind Sports & Entertainment Complex in
New York City Aligning with VICI's Investment
Thesis
Comprised of over 780,000 square feet on 28 acres between 17th and 23rd
streets alongside Manhattan's Hudson River, Chelsea Piers is a one-of-a-
kind experiential asset in one of the world's most dynamic cities. Its size,
scale, complexity and highly diverse programming represent a singular
source of supply for meeting New Yorkers' demand for recreational and
leisure experiences
Resilient Business Model with Successful
Historical Track Record
Opened in 1995, Chelsea Piers' resilient business model has a track record
of recovering quickly from financial (e.g., 2008 financial crisis), civil (e.g.,
9/11), natural (e.g., Hurricane Sandy) and health (e.g., COVID-19 pandemic)
crises while maintaining a consistent margin profile
Multifaceted Business with Diverse Revenue
Drivers
Chelsea Piers features dedicated space for 20+ sports and activities, three
flexible and expansive event spaces, a marina and approximately 300,000
sq. ft. of high value, commercial space that is primarily utilized for highly
coveted production studios
Demonstrates Ability to Convert a Financing
Partnership into Long-Term Real Estate
Ownership
The Chelsea Piers transaction represents the first conversion of an existing
loan into real estate ownership for VICI, demonstrating the strategic nature
of VICI's loan commitments
VICI
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