The Real Deal New York

Forest City Ratner wins approval for Nassau Coliseum

September 24, 2013 10:11AM

Bruce Ratner and the Nassau Coliseum

Bruce Ratner and the Nassau Coliseum

Bruce Ratner’s Forest City Ratner won unanimous approval from the Nassau County Legislature on Monday to move ahead with a $229 million redevelopment plan for the Nassau Coliseum.

The developer behind the Atlantic Yards megaproject will develop a 13,000-seat arena, where Ratner also plans to host professional lacrosse, boxing and Arena Football League games.

Forest City has offered to foot the entire $229 million cost of renovating the arena and pay the county, which owns the building, eight percent of gross revenue and 12.75 percent of parking revenue, according to the New York Times. Forest City also guarantees the county $4 million a year. Ratner has indicated, however, that he will ask the county for certain tax exemptions, according to the newspaper.

But a major question for the future of the arena is whether it can thrive without the New York Islanders, who are poised to move to Ratner’s Barclays Center in Brooklyn in 2015.

“The bottom line is — are they going to have to back out of the deal at some point and come back to the county and say ‘we need more money?’” sports economist Dennis Coates told the Times. ”The county will be on the hook.” [NYT]  – Hiten Samtani

  • Tom Delon

    i will never go to this place just to spite the county and its never get it done policies. they are the reason the coliseum is in this position to begin with, and the reason the islanders will be the brooklyners.. im not even an isles fan but i know the history of the franchise and its a great one, pre milbury anyway.. the area surrounding the location is an absolute nightmare.. within spitting distance of crime riddled areas with no future. the only thing going for the area is hofstra and even that is losing clout as the years go by. im sure the county is somehow to blame for that as well.. Nassau county you are a joke, your politicians are typical, they talk a big game but never achieve anything. democrat republican all the same, soon there will no reason to even stop in nassau pass right through it to go to the city and right through it again to get to suffolk…