Nassau County Executive Edward Mangano said Monday the $165 million face-lift to the Nassau Coliseum has given the New York Islanders a “path” for the team to return to their old home in Uniondale.But a spokesman for the team wouldn't say anything about returning to a downsized (if modernized) arena with far fewer suites than in Brooklyn, and the purported plan to build a new arena in Queens is, I believe, posturing. As I've said, I'd bet team owners renegotiate the deal with the Barclays Center.
Mangano, a Republican who delivered his eighth State of the County address from the renovated arena, said the Coliseum has “modern amenities” for fans and athletes and the opportunity to increase its 13,900-seat capacity.
“I believe Nassau County has positioned itself for serious consideration by the team,” he said. “When you factor in the support of Long Island fans, I believe we are an attractive option for the Islanders.”
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…