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Tri-State

Nassau County crafts $4M Coliseum rent relief package

The deal covers most of the rent obligation that Nassau Live Center LLC has to the county

Nassau Coliseum and Nick Mastroianni (SHoP Architects, Nick Mastroianni)
Nassau Coliseum and Nick Mastroianni (SHoP Architects, Nick Mastroianni)

 

Nassau County officials preliminarily approved a rent relief package for the Nassau Coliseum’s new leaseholder, sending it to the full legislature for a final vote later this month, according to Newsday.

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The agreement with Nassau Live Center LLC provides $4 million in annual relief — covering most of the property’s annual rent bill to the county — until six months after the state lifts restrictions on live events at the arena.

Nassau Live Center LLC, controlled by Nick Mastroianni II, took over the lease from Mikhail Prokhorov in August and hasn’t paid the county any rent yet, but has paid for utilities. Mastroianni coordinated a 2015 loan to renovate the property and by default took on a partnership with RXR Realty for the Nassau Hub redevelopment. [Newsday] — Dennis Lynch

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