Nassau Coliseum Gets New Tenant; Can Reopen
UNIONDALE, NY — The Nassau Coliseum officially has a new tenant, which means the shuttered venue will be able to once again open its doors.
Nassau County Executive Laura Curran announced that Nassau Live Center will take over as the new tenant, replacing Nassau Events Center. The move will not only help the venue reopen, but 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.”
Nassau Events Center, a subsidiary of Onexim Sports and Entertainment, announced in June that it was shuttering the Coliseum, citing loses 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 Islander and the Long Island Nets will remain in place. Once large sports and entertainment venues are allowed to reopen in New York, events can resume at the Coliseum. Curran said the deal also preserves the 2019 agreement between the Coliseum tenant and RXR Realty to redevelop the Nassau Hub site.
Nassau Live has a month-to-month agreement with arena operating company, ASM (former tenant NEC’s operator) and has also taken assignments of the New York Islanders and Long Island Nets contracts, ensuring that the building is positioned for play in the 2020-21 seasons. The Islanders have an agreement to play at the Coliseum until their new arena in Belmont is ready to open, which is scheduled to happen in October 2021.
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” (with a possible 30-day extension) 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.
This article originally appeared on the East Meadow Patch
