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Madison Square Garden’s bid to redevelop Nassau Coliseum got supercharged after a heavyweight Long Island developer joined forces with James Dolan, The Post has learned.
Scott Rechler’s RXR Realty not only pumped megabucks into MSG’s plan, but trashed a rival bid by Barclays Center.
The CEO of Long Island’s largest realty company claims the proposal by Barclays Center developer Bruce Ratner and a star-studded team that also includes rap mogul Jay-Z, 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.
“I’m not looking to make war with these people,” Rechler told The Post, “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.”
That “shaky” track record caused Rechler — who previously teamed with Islanders owner Charles Wang in the failed $3.8-billion, mixed-use Lighthouse Project for the Coliseum site — to reach out to MSG in April.
He soon agreed to join on as a minority partner in the Garden’s $250 million bid, which includes building an adjacent 150,000 square-foot, mixed-use entertainment hub to be called “Long Island Live.”
Rechler, whose real-estate portfolio includes 2 million square feet of commercial space abutting the 63-acre Coliseum site, said he came to a quick conclusion that MSG’s “legendary brand” and vast sports/entertainment empire make the Garden “best suited” to deliver for his home turf.
Referring to the $229 million proposal Ratner’s group submitted to Nassau County officials last month, Rechler says it “only guarantees” spending $89 million to revamp the 41-year-old, 17,686-seat eyesore in Uniondale, over a 15-month build-out — while offering “no timeline” for another $140 million worth of additional construction, including an amphitheater and retail hub.
Barclays Center 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.”
Yormark also said the Brooklyn comparison is “unfair” because Atlantic Yards was held up by a once-in-a-generation credit crunch.
“Perhaps if he thought them worthwhile, Mr. Rechler would focus on his own accomplishments rather than trying to disparage others,” sniped Barclays Center spokesman Barry Baum.
Approved by state officials in 2006, Atlantic Yards included building not only a new home for the NBA’s Nets but also 16 residential and commercial towers over 10 years. The arena opened in September, but the first tower didn’t break ground until December and the rest remain in limbo until financing is secured.
With the Coliseum’s current anchor tenant, the NHL’s Islanders, moving to Barclays Center in 2015, the battle to renovate and downsize seating at the Coliseum is also getting nasty on the playing ice.
Ratner’s group is trying to pump up its proposal by promising the Islanders’ dejected Long Island fan base the team would continue playing six games yearly at a revamped Coliseum.
But some industry sources say it’s a false promise because MSG, which owns the Rangers, and the NHL would have to sign off on the plan due to territorial-rights issues – and the Garden doesn’t want to.
Yormark says he believes approval only “resides with the NHL” and “we’re confident the NHL will do what’s right for Islander fans and Long Island.”
Nassau officials have also received project bids from Syosset developer Ed Blumenfeld and Bayville developer Bernard Shereck, but sources said the groups representing Barclays Center and MSG are the front-runners.
County Executive Ed Mangano is expected to pick a winner next month.
rcalder@nypost.com