MSG, Barclays Developers Chosen as Finalists for Coliseum Property

By Matthew Hogan

Nassau County is one step closer to finding a developer for the Nassau Coliseum property once the Islanders move to Brooklyn in 2015.

County Executive Ed Mangano announced Tuesday that of the four original companies selected, the Madison Square Garden Company and Forest City Ratner Companies have been chosen as finalists to redevelop the property.

Newsday [paid link] reported:

       Mangano pushed back the deadline for a final decision until mid-August from July 15, giving the firms time to negotiate and execute contracts that will contain their final offers for the project.

The two finalists’ proposals both have a price tag of more than $229 million.

Eliminated from consideration were Bayville developer Bernard Shereck’s sub-$100 million design and Syosset developer Ed Blumenfeld’s $180 million design.

MSG proposed a privately funded $250 million, 14,500-seat arena, which featured a flexible seating capacity that could go down to 1,700 when needed.

The proposal also includes the entertainment district outside “Long Island Live!” It would offer retail and restaurant options, including the transformation of the Exhibit Hall with unique attractions such as bowling and billiards.

Countering MSG’s proposal is Bruce Ratner, the man behind Brooklyn’s Barclays Center. Ratner's developer-financed, $229 million proposal includes a 13,000-seat arena with the ability to go down to 4,000 seats.

Also included, according to Newsday [paid link], would be: