3/26/12

Charles Wang Cannot Move His 90m Dollar Hotel From Nassau Coliseum Site/New York Notables

New York Islander Fan Central | 3/26/2012 07:54:00 PM
Perhaps if it's in the title more folks will understand?

I'm not a big fan of these kinds or repetitive entries however someone has to reiterate, Charles Wang is the last person who wants to move business away from a hotel he spent ninety million dollars for in 2005 (with Scott Rechler) then bought out Mr Rechler's share of it which was reported July 29th 2010.

The same day, 7/29/2010 Islanders website released images of the renovations done to the Marriott Hotel which means more resources were put in by Wang/Rechler.

I do not believe our fans, or a lot of lazy professional media, who don't do their homework in reporting much beyond gossip understand Charles Wang even owns the hotel (and connecting abatement) to the Coliseum.

A closed Nassau Coliseum is the worst possible scenario for Charles Wang because he cannot move his hotel whether he owns the team or not.

There is no also expiring lease for that hotel in 2015.

Folks speculating asbestos concerns are Charles Wang's chance to get out of his Islander lease fail to understand if Nassau Coliseum is closed, he losses huge event money at his hotel.
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To the best of our knowledge nothing has been reported that the Nassau Coliseum must be closed immediately/near future because of asbestos issues.

Aerosmith announced Monday it will perform at the Coliseum on it's tour.

The Cablevision owned Garden did have to close for a few days because of falling debris/asbestos concerns in 2010.

The circus did take place last weekend at the Coliseum, if there were any safety doubts, the inspecting federal/state authorities would have informed Nassau the facility must be closed immediately.
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Anyone who believes NIFA, which held only their second meeting of the calendar year on Thursday 3/22 (at Charles Wang's Marriott Hotel) approved over 2.4m in emergency capital repairs to the Coliseum (among a huge list of expenses) because of asbestos concerns do not understand how slowly Nassau/NIFA work.

Coliseum emergency repairs page 21.

I read this last week and did not even feel necessary to write about it, but put in this entry for those who did not know.
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Ed Mangano had his state of the county address on 3/14 here.

His Hub/Coliseum/Islander related comments are on page 18/19 of 22.

That is exactly why I launched “Accelerate Nassau Now” – a plan that seeks to partner with Governor Cuomo’s Economic Development Council to launch new development
opportunities at the Hub……along with development at Belmont Park on the western
end of Nassau and the former Navy property to the eastern end of the County.

Nassau’s Hub, home to Long Island’s only major professional sports team and its 200
million dollars of local economic activity, has L-O-N-G been the victim of Long Island’s most notable export, the word “NO”.

To solve that problem, I challenged developers with privately-financed plans to come
forward; and I challenge critics today, to become supporters of redeveloping the Hub.

I am confident that if we come together, we will find a path forward that leads not to empty parking lots, but RATHER to a vibrant center of economic activity with Islanders banners hanging from every post and the Stanley Cup on display at its heart.


NYIFC Comments:
For those who recall a year ago Mangano's referendum was plan three of his three part plan, which he arrived at by May 2011.

Mr Mangano is very good at not responding when NYIFC asks him why Nassau was the only local municipality in New York/New Jersey not to give taxpayer bonds/exceptions or outright investment for their local teams, but a referendum?

In 1998, Queens City Council member, Peter Valone, called for a referendum on a new taxpayer funded ballpark for the Yankees here despite supporting a new Mets stadium in an article that screams what politicians are fans of what teams.

Plus what referendum's on sports teams really meant to the Yankees.

Mr Mangano's been great at being a NJ Giants fan, supporting county events for both local baseball teams, while being completely invisible in his hockey support for Nassau County's only professional sports team with a championship tradition like no other NHL franchise in the US, and arguably in the history of professional sports.

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