Belmont Project Yet to Be Affected by Recently Doubled Steel Tariffs

The massive-scaled, $455-million rebuild of Belmont Park that is on target to be finished by September 2026 is thus far unaffected by skyrocketing tariffs on steel and aluminum, although New York Racing Association (NYRA) executives told the New York State Franchise Oversight Board (FOB) during a Friday meeting they are being vigilant about monitoring the situation.

NYRA and FOB personnel have good reason to be on high alert about concerns over potential cost overruns: On June 4, President Donald Trump doubled United States tariffs on steel and aluminum imports to a whopping 50%.

“The steel is being fabricated in the United States,” Rob Surace, NYRA's director of capital projects, said at the June 13 meeting. “We're aware of the tariffs. We are trying to track [materials] as best as we can. It's difficult, because [the materials are] coming from different places. So we're monitoring it, but there's no real concern at this point yet.”

But the act of “buying American” is no guarantee costs won't rise. The steep tariffs on imported materials will incentivize others to also buy domestically, and that increased demand will put pressure on a shortening domestic supply, likely forcing U.S. producers to raise prices.

NYRA might have timed its most recent procurement of American-sourced steel at an advantageous time. Glen Kozak, NYRA's senior vice president of operations and capital projects, told the FOB that a significant delivery was due to be shipped to Belmont Park even as the subject of its cost was being discussed at the meeting.

“There's steel that is coming on site,” Kozak said. “I believe it was supposed to be here [Friday] or early next week to start the steel for the third floor, as well as the fourth floor and fifth floor.”

Kozak gave an update on the overall construction of the new facility.

“Currently, we've got the MEP's [mechanical, electrical and plumbing systems] going in the ground for the entire facility. The concrete for the first floor, as well as the marshalling yard, is complete. The first-floor deck is done, second-floor deck is complete, and third-floor deck, I believe, is about 45 or 50% [done]. The two stair towers coming up through the western portion of the building for the fourth and fifth floors are currently being poured right now,” Kozak said.

“The utility work that can be done in the building for the system–sprinkler, drainage, fireproofing–that's all taking place. The next big phase for us is the actual steel that's coming on site for the superstructure,” Kozak said.

“As far as the generator and our HVAC systems, that's all been procured as well,” Kozak added.

After that, Kozak said, will be “the site work, which will include the patio and the area to get back into the new paddock and saddling stalls.”

Surace added to the overview: “Tishman [the general contractor] has awarded approximately 85% of their primary trades [contracts], with all contracts for the core and shell and interior fit-out being awarded.

“The glass for the curtain wall is being fabricated, and assembling is expected to start sometime in July, with first deliveries beginning in Q4 of this year. The metal panels for the ribboned canopy, which is also a very big component, those deliveries are also expected to begin in Q4 of 2025,” Surace said.