Written by Rich Forestano, firstname.lastname@example.org Thursday, 29 August 2013 00:00
Nassau County selected Nassau Events Center to redevelop Nassau Coliseum and the surrounding property, by offering the county a significantly sweeter deal.
Bruce Ratner, the developer of the Barclays Center in Brooklyn and NEC’s chief executive, beat out Hank Ratner (no relation) and the Madison Square Garden Company after the county narrowed its choices to the two entertainment giants last month.
At a news conference in Mineola on Thursday, Aug. 15, Mangano noted revenue differences in the two proposals drove the final decision.
NEC agreed to pay 8 percent of the gross revenue each year to Nassau County and 12.75 percent of parking fees. The group guaranteed payment of $4 million per year, escalating 10 percent every five years during the lease. That would total at least $195 million over the life of the lease. [Both plans are based on a 34-year lease with an optional 15-year extension.] On top of that revenue, NEC offered an additional 8 percent of revenue generated by its entertainment facilities.
MSG would have paid $1.50 per ticket sold, rather than a percentage. It guaranteed $3 million in the first year, escalating 5 percent every five years. MSG payments would total $112 million over the life of the lease. What’s more, MSG wanted to retain development rights to the site. NEC’s plan allows the county to retain those rights.
Both companies agreed to shoulder the maintenance and utility costs of the property. County officials estimated that utilities costs $2 million alone each year.
Mangano said the selection committee was impressed by NEC’s willingness to accept immediate responsibility for the coliseum at its sole expense and pay a measurably higher annual minimum rent with higher escalations.
“With options exercised, the minimum lease payment grows to $334 million,” Mangano said of Ratner’s proposal.
NEC’s lease must be approved by the county legislature and the Nassau Interim Finance Authority. County Executive Edward Mangano said NIFA “sees no issue” with the NEC plan.
Bruce Ratner developed the Barclays Center, where the New York Islanders will move once their Nassau Coliseum lease expires on Aug. 1, 2015. He said he’s “grateful to be selected to revitalize” the 77-acre site here. Syosset-based developer Ed Blumenfeld joined forces with NEC in last month after his group’s proposal was rejected.
NEC’s $229 million plan calls for a 13,000-seat arena, a 2,500-seat indoor theater, an ampitheater, up to 10 restaurants, an ice skating rink and 50,000 square feet of retail space. The developer also plans to have the Islanders host at least six home games at the site.
Mangano said NEC’s proposal would create a “downtown-like” atmosphere at the site.
“We are ready to get to work to deliver a world-class coliseum and a thriving sports, entertainment and retail center that Long Island deserves,” Ratner said in a statement.
MSG’s $250 million plan offered a 14,500 seat stadium, with restaurants, bars and had the support of Donald Monti of Renaissance Downtown, the master developer of the hub. That group hoped to recruit an amateur hockey team to the site and get WNBA’s New York Liberty to play select home games.
“While we are disappointed with the county’s decision, we are not at all surprised given the history of this project, ” MSG said in a statement. “We will be watching closely as this process moves to the county legislature.”
Republican Legislator Rich Nicolello said the recent proposals were the most realistic going back to the failed Lighthouse plan of Islanders owner Charles Wang.
“We have to go through the details of the lease but my first impression is very positive,” he said. “It’s taken way too long for us to get to this point.”
Friday, 13 December 2013 00:00
The toy biz sure has changed in recent years.
No longer the sole domain of kids, toy collecting has evolved to include an ever-increasing adult segment of the market; grown men (and yes, women too) who devote a sizable amount of their time and income placating their inner child, proving that while everyone grows up, it’s important to remain young at heart.
The industry itself has also changed to reflect this growing trend, creating a market that produces sophisticated, cutting-edge collectible figures and memorabilia based on a variety of subjects, ranging from movies, comic books, and more; in addition, vintage toys of years past remain sought-after by collectors.
Thursday, 12 December 2013 00:00
Visitors to the concession stand at Triangle Park might notice a difference in the snack’s shack’s name, as it was recently rededicated to honor longtime Hicksville American Soccer Club (HASC) Vice President Joe Visconti.
The building rededication came as a surprise to the Hicksville resident, who found out about the renaming when he arrived at Triangle Park to find his friends, family and local legislatures gathered around a new sign on the concession stand that read “Joe Visconti Snack Shack.”
“I was very touched. It was amazing that they did that for me,” said Visconti.
Thursday, 12 December 2013 00:00
Hicksville’s Jill Loveland, 28, scored as the second finisher among the women in the 25-29 age group in the 21st annual New York Blood Services Rob’s Run, a 5 Kilometer cross country race held through Stillwell Woods in Woodbury on Sunday morning, Dec. 1. Loveland finished the run in 22 minutes, 29 seconds.The weather for this year’s run was nearly perfect for a late Fall cross country race, and the net result was a bunch of pretty impressive performances — and lots of enthusiasm — on the part of the 534 finishers. The run was staged by the Greater Long Island Running Club in cooperation with the Town of Oyster Bay.
“We were thrilled to see Jill Loveland do so well in this event,” observed Run Co-Director Sue Fitzpatrick. She is a great competitor and a valued member of the club."
Thursday, 05 December 2013 00:00
As they come off their most successful season in 30 years, the Hicksville Boys basketball team faces a challenge in replicating last year's success. The 2012-13 season saw the Comets compile a 15-5 record and had their season ending in the Nassau County semifinals to rival Baldwin. According to Head Coach Phil Essigman, who is entering his 14th season with the varsity team, the team will feature only two returning players from last season. Last year’s team was incredibly deep and experienced and it is part of the “rollercoaster”, as he described it, of high school sports for teams to go through periods of grooming inexperienced players.