New Coliseum landlords take a break at rent


0

Nassau County has agreed to off-hook rent payments at least until summer with a contract guaranteeing that the new Nassau Coliseum landlords will be able to use the arena as needed during the shutdown of COVID-19.

The lease amendment, which requires Nassau County Council approval, seeks rent relief that lasts up to six months after the state lifts all restrictions on arena events.

Under current leases, Nassau County collects more than $ 4 million annually from Coliseum landlords. The county is submitting documents to the state legislature at a hearing on Monday to obtain a draft amendment.

“The agreement recognizes the impact of COVID on the operation of the Coliseum and the development of its surroundings,” said Laura Callan, Nassau County administrator. “The impact includes a loss of revenue and a loss of time.”

After Russian billionaire Mikhail Prokhorov closed the building and took over in August after leaving the $ 100 million debt, Nassau Live Center LLC, a new landlord led by Nick Mastroianni II, will rent. I haven’t paid.

Mastroianni was next in line to manage the lease as he adjusted the loan for the Coliseum’s 2015 refurbishment.

Jupiter, Florida-based Mastroianni’s US Immigration Fund raises $ 100 million from 200 Chinese investors through a federal program that provides visas in exchange for funding job creation projects in the United States. Did.

USIF is not affiliated with the federal government.

“We are all involved in a pandemic,” Mastroianni said in a text message. “We’re just trying to find a way forward … we’re just looking back at things and finding a way to lead a normal life.”

The Nassau Live Center has not yet paid the contractually required rent as the county agreed in August to give Mastroianni three months to assess the future feasibility of the arena. County officials also requested him to submit future plans for the Coliseum.

The deadline for Mastroianni to submit the arena plan was Wednesday. However, as large-scale live events were banned during the coronavirus pandemic, the county has lifted restrictions on arena events and submitted plans for the future of the Coliseum, as well as rent reductions. Until a month later, we negotiated a lease amendment with Mastrojanni.

“This extension, coupled with the suspension of rent payments recognizing the economic impact of the pandemic, will give Nassau and the HUB team the opportunity to plan for the future after COVID when the entertainment industry resumes,” Karan said. Said.

One of the proposals made to Mastroianni was to reduce the arena to a 5,000-seat music venue run by the arena management company Oakview Group. OVG is also the owner and operator of some of the UBS Arena, a new arena for the Islanders under construction in Belmont Park.

The UBS Arena is scheduled to open in November 2021.

Nassau officials say Mastroianni’s extended deadline for submitting plans will allow him to better assess the impact of the UBS Arena on the Coliseum.

The lease amendment will allow Mastroianni to host an islander’s match at the Coliseum early next season, even if there is no fan income, if the state and the National Hockey League agree.

The NHL, which is targeting the start of the January 1st season, has not yet decided whether the team will host the game in the home arena or play in the “bubble” city instead, NHL Deputy Commissioner Bill Daily said. Said this week.

This season will be the last of the islanders at the Coliseum before moving to the UBS Arena.

Callan said he prioritized ensuring that the Coliseum remained a viable option for hosting teams.


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win
admin

0 Comments

Your email address will not be published. Required fields are marked *