“Wang didn’t respond to requests for comment on his plans, but industry observers say he may be better off walking away from the hotel because the property is so deeply underwater. – libn.com
Adjacent to the Nassau Coliseum in Uniondale is the Marriott Hotel. It’s owned by Charles Wang. Soon, that may change. Reports indicate the hotel is deep in debt and the vultures are circling. Can you say foreclosure?
Now, word is that Wang may lose the Marriott. It seems his company has stopped making mortgage payments on the property and the lenders are looking for their money.
According to an libn.com article published Jan. 17, 2014, “Foreclosure puts LI Marriott future in limbo,” by David Winzelberg, “Wang, the New York Islanders owner and would-be real estate developer, has defaulted on the $103.5 million mortgage…”
Creditors have begun the foreclosure process. But Mr. Long Island wheeler- dealer is not taking things lying down. He’s litigating the matter in court.
Lisa Du of Newsday reports “A court date for oral arguments in the case will be set next week, according to a New York State courts spokesman.”
The best-laid plans of mice and men…
Islanders owner Charles Wang initially bought the Uniondale Marriott in 2005 assuming the Coliseum and surrounding area would be renovated under his Light House at Long Island Project. Obviously, that never panned out. Neither did any of the other efforts to have the Coliseum redeveloped, which by the way, prompted the Islanders to finally ink their deal with the Barclay’s Center in Brooklyn.
The current outlook for the Marriott in Uniondale is uncertain. Some say the hotel will do well when the Coliseum is finally revamped. Others maintain it is outdated and cannot compete. One thing is sure. Whatever happens, the Islanders won’t be around to see the upshot.