Venue Detail
New York Islanders
Revenues From Sports Venues Pro Facilities Report
January, 2010
New York Islanders
|
1535 Old Country Rd Plainview, NY 11803 Phone: 516-501-6700 Fax: 516-501-6729 URL: www.newyorkislanders.com Owner: Charles Wang League: National Hockey League Eastern, Atlantic Division
Venue
Nassau Coliseum, 1255 Hempstead Tpke, Uniondale, NY 11553-1200 Owner: Nassau County Managed by: SMG Facility Management Built: 1972 Capacity: 16,295 Permanent concession stands: 11 Concessionaire: Savor Suite caterer: Savor Soft drink: Coca Cola Beer: Multiple
Ticket prices
Season tickets range from $798 to $4,830 Single tickets range from $19.00 to $120.00 2007 average attendance: 12,866 2008 average attendance: 13,640 2009 average attendance: 17,705
Luxury Suites
Quantity: 32 Term: 1 to 5 years Price: $135,000 to $330,000 Seats: 8 to 22 Includes: Tickets for all games plus other events and VIP parking passes.
Club seats
Quantity: 150 Term: 1 to 1 years Price: $3,465 to $3,630 Includes: Parking, tickets, access to a private restaurant, an in-seat wait staff.
Financing
The $31.3 million Venue was built with tax exempt bonds. Pct. public: 100
The Nassau Coliseum is a multipurpose facility which hosts figure skating shows, pre-season NBA games and a variety of concerts and expositions as well as being the home of the NHL Islanders.
A development team lead by Islanders owner Charles Wang was selected in 2006 to renovate the Coliseum on Long Island and develop 77 acres around the venue. The deal is valued at $1.6 billion.
The trip has been a long one for Wang who originally proposed the plan in 2004. While some county leaders supported Wang’s plan to upgrade the arena at no public expense, others wondered if the county couldn’t get more money by putting the development rights out for bid. Under political pressure, County Executive Thomas Suozzi opened bidding.
During the process, a tower Wang proposed as a landmark structure for his development came under fire from those who felt it did not fit the neighborhood. Wang eventually relented and trimmed the building’s size.
The bidding finally came down to Wang and a group led by the New York Mets. The Mets included a bid for a minor league ballpark in their project. Wang’s group also added the feature at the last minute.
Under the deal, Wang and his group will pay $1.5 million a year for renting the Coliseum. The county also expects to earn about $162 million a year in new property and sales tax revenues once the development is complete.
The deal includes a $320 million renovation of the Coliseum. The team will extend its lease through 2025. A sports technology, housing and conference center will be part of the venue.
As originally planned, the Coliseum work will be done in phases with additional seats and 50 new luxury suites planned in the first round. The new suites will be placed at Row 15 to put those paying premium prices close to the glass. To make room for the suites, the arena’s floor will be lowered. Total capacity will grow from 16,300 for hockey to 17,500. The existing 31 luxury suites will remain.
An athletic complex will be built nearby with an ice rink, basketball courts and a health club.
A 500-room hotel with four restaurants and terraces will be included. The hotel lobby will be on the 40th floor. The building will also feature apartments.
The Mets’ plan was joined by Sterling Equities and Blumenfeld Development Group. The Mets’ group originally committed $300 million to renovate the Coliseum and the area around it. The figure included $100 million for parking, 4 million square feet of mixed retail and commercial development and a minor league ballpark. The Islanders would have been allowed to play in the Coliseum rent-free as long as they like. If the team left, the Mets said they would seek another franchise for the building.
Club Box seats for the Islanders cost $20,055 per season. The team also offers Arena Suites, which are groups of 10 seats, for $52,500 each per season. (Facilities, Financial, Ice Hockey, Professional Sports, Venue)