NEW YORK CITY-After Gov. Andrew Cuomo announced that a $4 billion plan for a new convention center and casino in Eastern Queens has fallen by the wayside, the city’s commercial real estate industry is weighing in about alternative locations within the five boroughs that could support casino gambling and new mixed-use development surrounding it.

“Basically, if you are going to allow casino gaming in New York City, it should be used as a carrot to lure private investment to create some beneficial public amenity space,” says Bob Knakal, chairman at Manhattan-based sales brokerage Massey Knakal Realty Services, who tells GlobeSt.com that Governors Island could emerge as a potential destination instead of the Aqueduct. “You’d create jobs, create much-needed infrastructure, public amenities, create additional tax revenue for the city – it is a complete win-win,” he says.

The idea comes on the heels of Mayor Bloomberg’s recent announcement to invest $260 million in the island’s economy over the next two years. The city’s capital program calls for infrastructure improvements, new public and park space and the addition of electric and telecommunication systems on the 172-acre site. And based on its proximity to Manhattan, Knakal says a bridge or the implementation of a ferry service could help transform the island into a year-round community as opposed to a summer destination.