The Nassau Coliseum officially has a new tenant, which means that after being shuttered by its previous tenant due to finances, the venue will once again be able to open its doors when restrictions are lifted by the state.
Nassau County Executive Laura Curran announced that Nassau Live Center will take over as the new tenant, replacing Nassau Events Center. Not only will the move help the venue reopen, but it will repay the county the $2.2 million it is owed in rent.
“This deal follows rigorous negotiations and fulfills my main objectives – forging a path forward for sustained Coliseum operations and keeping us on track to redevelop the Nassau Hub,” said Curran. “We’ve made sure our Islanders can come home to Nassau for one final season at the Barn while continuing all the momentum we’ve built with our community partners on a reimaged Hub that would drive our economy and benefit our residents for generations to come. Our vision for the project as a live-work-play destination anchored by a medical research and innovation district is even more important now, following the COVID-19 public health crisis.”
A subsidiary of Onexim Sports and Entertainment, Nassau Events Center announced in June that it was shuttering the Coliseum, citing losses sustained during the coronavirus pandemic and the subsequent shutdown. The closure would have led to nearly 1,500 permanent layoffs.
As part of the new agreement with Nassau Live, all of the existing contracts with the Coliseum’s operator, the Islanders and the Long Island Nets will remain in place. Events will resume at the Coliseum once large sports and entertainment venues are allowed to reopen in New York. Curran said the deal also preserves the 2019 agreement between the Coliseum tenant and RXR Realty to redevelop the Nassau Hub site.
Because of the coronavirus pandemic and its possibility of severely affecting the operation of the Coliseum, the county has granted Nassau Live a 60-day “standstill period” in order to more fully present to the county its plan for sustained Coliseum operations and a request for an adjustment of the rent payable under the lease. During this period, the county has agreed not to issue any notices of default for non-payment of rent.
Curran said it is likely that Nassau Live will seek to modify the terms of the lease due to the current pandemic. Any modifications would need to be approved by the county.
Categorised in: Local News
