SBD/June 5, 2013/Facilities

MSG's Nassau Coliseum Bid Adds Long Island-Based RXR Realty

MSG's bid for Nassau Coliseum is considered among the front-runners
Madison Square Garden Co.'s bid to redevelop Nassau Coliseum "got supercharged after a heavyweight Long Island developer joined forces" with MSG Exec Chair James Dolan, according to Rich Calder of the N.Y. POST. Uniondale, N.Y.-based RXR Realty "not only pumped megabucks into MSG’s plan, but trashed a rival bid" by Forest City Ratner Chair & CEO Bruce Ratner. RXR Realty Chair & CEO Scott Rechler has "agreed to join on as a minority partner" in MSG's $250M bid to redevelop the venue. He claims that the proposal by Ratner is "more 'smoke and mirrors' than substance -- and could leave the area dormant like much of Ratner’s 22-acre Atlantic Yards project footprint in Brooklyn is today." Rechler said, "I’m not looking to make war with these people, but they built an arena in Brooklyn that was supposed to be one part of a much bigger development -- and they haven’t gotten that development done, at the end of the day.” Rechler said a filing by Ratner's group with Nassau County officials in May offers "no timeline" for additional construction following redevelopment of Nassau Coliseum. Barclays Center and Nets CEO Brett Yormark "fired back, saying his group, since the filing, has informed county officials they’re willing to build the entire project simultaneously -- 'if that’s what they want.'" Nassau officials also have "received project bids" from Blumenfeld Development Group Founder & President Edward Blumenfeld and New York Sports & Entertainment CEO Bernard Shereck. However, sources said that the groups representing Barclays Center and MSG "are the front-runners." County Exec Ed Mangano is "expected to pick a winner next month" (N.Y. POST, 6/5).

: MSG President & CEO Hank Ratner appeared on CNBC's "Closing Bell With Maria Bartiromo" on Monday, and said renovations to MSG are "almost done." Ratner called MSG's renovations the "biggest transformation ever to occur in any arena." CNBC's Scott Wapner noted the renovations have cost about $1B and "there are some in the city who want you to get out within 15 years." Wapner asked, "How's this going to resolve itself? Is Madison Square Garden going to be forced to leave and find a new location in 15 years?" Ratner said, "We don't see that happening at all. Remember, we own Madison Square Garden. It's not a lease. This is a zoning permit that we're talking about and we expect this to be resolved this summer and we expect the Garden will be the leading venue in the world for a long time to come" ("Closing Bell With Maria Bartiromo," CNBC, 6/3).
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