The Harborside retirement community in Port Washington recently entered into its third bankruptcy in 10 years, and is currently trying to find a buyer, leaving many residents concerned about their futures.

Business

HARBORSIDE_STORYGALLERY

James T. Madore

The Harborside’s assisted-living apartments, nursing home and dementia care unit could all close —&nbsp;at least temporarily — under the sole buyout offer for the bankrupt retirement community, leaving only independent-living apartments on the Port Washington property, according to court documents. 
Sr Hsg Acquisitions LLC and Focus Healthcare Partners LLC would pay $80 million for The Harborside, or $24 million less than a&nbsp;sale agreement that fell apart in October because of a state regulatory dispute. 
That sale agreement also would have kept open all the facility’s care units and guaranteed the payment of tens of millions of dollars in entrance-fee refunds owed to the families of deceased residents. 
The entrance-fee refunds would not be paid by Sr Hsg/Focus under the terms of its buyout offer, the documents show. 
The Harborside, a nonprofit which&nbsp;opened in 2010,&nbsp;has filed for <a href="https://www.newsday.com/business/harborside-elderly-bankruptcy-sale-ghp8guj6">bankruptcy protection</a> from its <a href="https://www.newsday.com/business/seniors-bankruptcy-harborside-sale-bmc6ikw2">creditors</a> three times in the past&nbsp;10 years. The facility is home to about 180 people whose average age is 90. 
The Harborside,&nbsp;with 329 units, is a “continuing care retirement community”&nbsp;that provides different levels of care as residents age, so they don’t have to move when their health deteriorates. It is one of four such facilities on Long Island. 
The Harborside “shall be conveyed to the buyer without any operating assisted-living, memory-care or skilled-nursing beds,” states a six-page letter&nbsp;from Curt Schaller, manager of Chicago-based Focus, which owns senior care facilities across the country. 
“The buyer shall not have any contractual obligations to continue operating&quot; the care units or accept residents for the units &quot;in the future absent all appropriate and required licensure approval from the New York State Department of Health,” he said in the letter submitted to the federal bankruptcy court in Central Islip&nbsp;on Thursday night.&nbsp; 
Schaller added that Sr Hsg/Focus “does intend to apply” for licenses to operate assisted-living apartments and a memory care unit after taking over The Harborside — “and possibly” a license for a nursing home. 
Schaller and his attorney did not respond to requests for comment on Friday. 
Harborside residents and their families expressed dismay and anger upon learning about the Sr Hsg/Focus buyout offer. 
&quot;We are devastated by this worst case, totally unnecessary and unwelcome holiday 'gift',&quot;&nbsp;said Joyce Shapiro, chairwoman&nbsp;of The Harborside Residents Council.&nbsp; 
She and others blamed the health department and Gov. Kathy Hochul for the demise of the earlier sale agreement with Life Care Services Communities LLC, which had been approved by the court a year ago. Iowa-based LCS is the third largest operator of senior care facilities in the country. 
State officials &quot;indefensibly, without warning&nbsp;or recourse, and certainly without any consideration of the consequences, destroyed that deal when no other comparable one was on the horizon,&quot; Shapiro told Newsday.&nbsp;&quot;I wonder if it is OK to be scared now, Governor Hochul, particularly, in spite of your statement of assurance, people will be evicted from The Harborside, if this proposed deal is granted by the court.&quot; 
Shapiro was referring to Hochul's October admonishment of The Harborside's resident&nbsp;leaders and LCS: &quot;Stop scaring these individuals and making them feel that they’re going to be out on the streets tomorrow. That is not happening. I will not let that happen as the governor of the state,&quot;&nbsp;Hochul then&nbsp;said in response to a Newsday question. 
The governor's Long Island spokesman didn't respond to requests for comment on Friday. 
Cadence Acquaviva, a spokeswoman for the health department, told Newsday in an email statement:&nbsp;&quot;Following LCS’&nbsp;failure to bring their application into compliance with state law, Harborside and Harborside alone has made the decision to accept a new bid, which must be approved by the bankruptcy court.&quot; 
She added that&nbsp;if the Sr Hsg/Focus buyout offer is successful, &quot;Harborside is then required to submit to the state Department of Health a closure plan that ensures the safe transfer of all residents&quot; to new homes.&nbsp; 
The Harborside's CEO, Brooke Navarre, did not respond to a request for comment. 
The Sr Hsg/Focus buyout offer is like one that was turned down by U.S. Bankruptcy Judge Alan S. Trust last year. At that time, he said he selected the $104 million proposal from LCS&nbsp;because it would have&nbsp;maintained all the levels of care and&nbsp;would have paid&nbsp;the entrance-fee refunds.&nbsp; 
Last year, there were three potential buyers for The Harborside in a court-supervised auction. Up until Thursday night, there appeared to be two buyers vying for the facility but one failed to meet a Thursday morning deadline&nbsp;to submit a final offer, said Gregory M. Juell, an attorney for The Harborside. 
Focus has been an active buyer of senior communities, paying $64 million for the Mariposa retirement community near Palm Beach, Florida, and $41 million for the Summit Park development in Blue Ash, Ohio, both in September.

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Harborside retirement community's care units could close under proposed $80M sale

LI retirement community's care units could close under proposed $80M sale

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Five entities have expressed interest in purchasing The Harborside retirement community out of bankruptcy, and two have been selected for further negotiations, according to a letter submitted to the bankruptcy court judge on Friday. 
Gregory M. Juell, an attorney for The Harborside, wrote that it hoped&nbsp;to reach an agreement with one or both of the prospective buyers, together with the facility's debtors, in advance of Wednesday’s hearing in federal court&nbsp;in Central Islip. 
&quot;While there has been progress made with respect to certain issues raised with respect to the [bids], consensus has not yet been reached&quot; between The&nbsp;Harborside, its bondholders, unsecured creditors and the affiliated Amsterdam Continuing Care Health System Inc. in Manhattan, which built The Harborside in 2008-09, he said.&nbsp; 
Juell also said the identity of the would-be buyers wasn’t disclosed at their behest in his&nbsp;two-page letter to Judge Alan S. Trust. 
Details about the proposed sale may be revealed at the hearing, including the sale price and closing date, planned debt payments and the approval process with the state Department of Health and Department of Financial Services. 
A dispute between the health department and the winner of last year’s court-supervised auction caused&nbsp;a $104 million sale agreement to collapse last month. Since then, The Harborside has sought a new buyer and received a $1.25 million grant from the Amsterdam to keep operating after Dec. 31. 
The facility is home to 181 people whose average age is 90. It has 329 units and offers different levels of care as residents age, from independent- and assisted-living apartments to a nursing home and dementia care. It is one of four &quot;continuing care retirement communities&quot; on Long Island. 
Prospective residents often sell their homes to pay The Harborside’s entrance fee, which is determined by the size of the apartment. A portion of the entrance fee, between $527,250 and $2.2 million under one type of sales contract offered in 2021, is supposed to be refunded after a resident dies. 
Joyce Shapiro, chairwoman of The Harborside Residents Council, said on Friday that she and her neighbors want the health department and Gov. Kathy Hochul to convince the first buyer, Life Care Services Communities LLC, to resume its pursuit of a sale.&nbsp; 
Friday's letter &quot;describes the beginning of another process to negotiate and ultimately sell The Harborside, and that this [new process] doesn’t have the support of all parties,&quot; she told Newsday. &quot;Having been through over one year to get the LCS deal, which was signed off on by everyone and that takes care of our residents and protects their life savings tied up in the facility, we again ask that the LCS sale be reopened by the governor and DOH.&quot; 
Iowa-based LCS, the third-largest operator of senior care facilities in the country,&nbsp;has said it's no longer interested in owning The Harborside under current circumstances. Hochul has vowed that residents will&nbsp;not be evicted as long as she is governor. 
Shapiro, comparing LCS to the new bidders, said, &quot;The known and welcomed versus the unknown and most likely not as good.&quot; 
The Harborside has filed for bankruptcy protection from its creditors three times in the past 10 years. Its CEO did not respond to a request for comment on Friday.

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Five bidders for The Harborside retirement community in Port Washington; two in negotiations

Five bidders for The Harborside retirement community

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The Harborside retirement community in Port Washington has until Dec. 9 to present a proposed sale agreement to a federal bankruptcy judge or face the possibility of being liquidated, a&nbsp;judge ordered on Wednesday. 
Judge Alan S. Trust said&nbsp;he wants to know the identity of the would-be buyer for the bankrupt facility, the terms of the sale, how creditors will be paid and the impact on the 181 residents, whose average age is 90. 
The judge also scheduled a hearing for Dec. 11 on a motion from the Office of the United States Trustee to dismiss the Chapter 11 case, which would end nearly two years of effort to reorganize The Harborside and stabilize its finances. 
If the motion is approved, the facility’s assets would likely be sold off under Chapter 7 of the bankruptcy code. 
Stan Yang, an attorney for the U.S. Trustee, said it’s concerned about the fees for lawyers and consultants using up The Harborside’s remaining cash, which could mean that creditors would not be paid what they are owed. 
&quot;The debtor’s financial position is deteriorating on a daily basis and the debtor appears to be accruing unpaid … administrative expenses,&quot; he wrote in an 11-page document filed in court after Wednesday's hearing. &quot;It is unclear how long the debtor can sustain business operations or when all of the reserved [cash] funds run out.&quot; 
The hearing in federal court in Central Islip produced few answers to the many questions of residents and their families. 
Those&nbsp;questions include the identity of the two bidders that The Harborside is negotiating with, when the potential sale would close and would it be approved by state Department of Health and Department of Financial Services. 
Ronnie Killcommons, who has lived at The Harborside for 14 years, attended the 30-minute hearing with family. 
&quot;This is my home, and I love living at the Amsterdam,&quot; Killcommons said in an interview, referring to the facility’s former name, the Amsterdam at Harborside. &quot;The friendships, the community&nbsp;— I don’t want to lose this.&quot; 
Killcommons told Newsday that she sold her Garden City home to pay the facility’s entrance fee with the understanding that upon her death the remaining funds would go to her heirs. That may not happen because of the bankruptcy filing, which is the third such filing in 10 years. 
&quot;We should be allowed to live where we put our heart and soul,&quot; said Killcommons, 86. 
In the hearing, Rachel Nanes, an attorney for The Harborside, said it’s having &quot;productive discussions&quot; with the two bidders. 
A&nbsp;meeting,&nbsp;Nanes said,&nbsp;will&nbsp;be held on Thursday between The Harborside, bondholders, unsecured creditors and the sponsoring Amsterdam Continuing Care Health System Inc. in Manhattan to attempt to reach an agreement on a sale. 
&quot;We are trying to gain a consensus around one or more of the [buyout] proposals,&quot; she said, adding that The Harborside hopes to present a final sale agreement to the judge by late December or early January. 
The Harborside is trying to negotiate a second sale after the first one&nbsp;— valued at $104 million — collapsed last month in a regulatory dispute between the health department and the winner of last year’s court-approved auction,&nbsp;Life Care Services Communities LLC. Iowa-based LCS has said it is no longer interested in pursuing The Harborside. 
Separately, residents and their families recently hired attorney Elizabeth Aboulafia to represent them in court. 
The move follows the residents' request to Gov. Kathy Hochul that she appoint a facilitator to&nbsp;break the regulatory impasse between the health department and LCS, as well as work with other potential buyers.

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The Harborside retirement community faces Dec. 9 deadline to negotiate a sale or face possible liquidation

The Harborside faces Dec. 9 deadline to negotiate sale or face liquidation

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The Harborside is weighing offers from &quot;several parties&quot; to purchase the bankrupt retirement community after an earlier sale collapsed, raising the possibility of closure by year-end, an attorney said on Wednesday. 
Rachel Nanes, speaking to a bankruptcy court judge, said the Port Washington facility would not close on Dec. 31, thanks to a $1.25 million grant from the Amsterdam Continuing Care Health System Inc. Amsterdam, which runs a nursing home in Manhattan with the same name, built The Harborside in 2008-09. 
The Harborside &quot;will be no worse off at the end of the year than we are now. We aren’t going down to zero [in terms of the available cash],&quot; Nanes said, adding that it could take until January to finalize a sale of the property. 
At last month’s &quot;Save Our Homes&quot; rally, the facility’s residents, whose average age is 90, said they had been told it would shut down by the year's end and that they would have to find alternative accommodations, if a sale transaction wasn’t forthcoming. 
The Harborside has filed for Chapter 11 bankruptcy protection from its creditors three times in the past 10 years. It is home to 181 people. 
On Wednesday, Nanes didn’t disclose the identities of the would-be buyers but said &quot;several term sheets had been received&quot; with details of sale proposals. The Harborside’s management team hopes to select a bidder by Nov. 15, she said. 
&quot;In the last week or so, there’s been a lot of engagement with the top bidders. ... These conversations have been very productive,&quot; Nanes said during the hybrid conference meeting. &quot;We still have a little bit more to do on the bids but hope to get to a conclusion in short order.&quot; 
She and others noted the new sale process follows a $104 million sale agreement approved by the bankruptcy court in December 2023 that unraveled last month in a dispute between a state regulator, the Department of Health, and the prospective buyer, Life Care Services Communities LLC in Iowa. The latter has said repeatedly it is no longer interested in owning The Harborside. 
One of the new bidders, Kong Capital LLC, also participated in last year’s court-supervised auction in which it competed with LCS and another entity. 
Coe Schlicher, CEO of Austin, Texas-based Kong, said it’s offering $20 million for The Harborside and would charge monthly rent to the residents, who have already paid hundreds of thousands of dollars in entrance fees. 
Prospective residents often sell their homes to pay The Harborside’s entrance fee, which is determined by the size of the apartment. A portion of the entrance fee, between $527,250 and $2.2 million under one type of sales contract offered in 2021, is supposed to be refunded after a resident dies. 
&quot;The situation facing The Harborside’s residents is a potentially devastating one, and we have crafted our bid to ensure their safety, stability and well-being,&quot; Schlicher wrote on Monday in a letter to U.S. Bankruptcy Judge Alan S. Trust. 
In court on Wednesday, the judge questioned whether The Harborside’s bondholders, unsecured creditors, the Amsterdam and others have agreed to the process for selecting a new buyer. 
Daniel S. Bleck, an attorney for UMB Bank, which represents the bondholders, said they had received information about the new bidders. 
&quot;There are questions about the validity of some of the offers. I cannot say today that we have agreed to the process going forward,&quot; he said at the 45-minute conference. 
Separately, the judge approved a settlement between The Harborside and its food services provider Sodexo Inc. for meals to continue through at least the end of this month. 
Under the deal, Sodexo received a payment of $712,983 toward unpaid bills totaling $1.25 million. The money came from the Amsterdam grant, according to Nanes, The Harborside lawyer.

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Buyers express interest in The Harborside as its lawyer says a Dec. 31 closure won't happen

Bidders vie for The Harborside retirement community

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Gov. Kathy Hochul would appoint a facilitator to help break the regulatory impasse that threatens to shutter The Harborside retirement community in Port Washington in less than 60 days, according to a proposal from the residents, whose average age is 90. 
The facilitator would be “an independent third party with knowledge of Continuing Care Retirement Communities’ operations, ownership structures and regulatory requirements,” states the 370-word proposal, which Newsday obtained. The Harborside is one of four CCRCs on Long Island. 
The residents want the facilitator “to monitor and to mediate” a resumption of talks between the state Department of Health and The Harborside’s would-be buyer, Life Care Services Communities LLC. 
The latter walked away in August from a $104-million sale agreement that was approved by a federal bankruptcy judge in December 2023, saying it could wait no longer to ascertain what information was missing from three applications filed with the health department. The department then denied the applications last month, citing a “lack of required financial transparency” by Iowa-based LCS. 
Under the residents’ proposal, the facilitator also would be involved in talks with other potential buyers and help to determine how much money is needed from the state to keep The Harborside open while a sale is completed. 
“We crafted a two-track process to allow other bids to be considered concurrent with the revival of the LCS sale in an effort to be open to other acceptable buyers —&nbsp;as the governor has&nbsp;stated must exist&nbsp;—&nbsp;and to save precious time,” said Joyce Shapiro, chairwoman of The Harborside Residents Council, which represents 181 people. 
The proposal states that potential buyers must satisfy state requirements, have the financial wherewithal to settle The Harborside’s debts and be able to turn around a facility that has filed for bankruptcy three times in the past 10 years. 
Asked Sunday night when the residents would like the facilitator to be named, Shapiro said: “This must be done immediately.” 
The proposal was delivered on Oct. 28 to a Hochul aide and to one of the governor’s political allies. There had been no response as of Sunday night, Shapiro said. 
She and others said the residents of The Harborside, formerly called the Amsterdam at Harborside, have been discussing the appointment of a facilitator for weeks. 
Gordon Tepper, Hochul’s Long Island spokesman, didn’t address the appointment of a facilitator but said the LCS applications had been “rejected” by the health department “because they failed to meet the state’s basic requirements. If LCS, or any other entity, would like to submit a new application and the required documentation, then the DOH will review it,” he said on Monday. 
Last month, Hochul, responding to a Newsday question, vowed that no one would be evicted from The Harborside as long as she is governor. 
LCS spokeswoman Traci McBee said on Monday that the company&nbsp;would not be re-engaging with the health department. 
“LCS is no longer pursuing the purchase of The Harborside. We hope an alternate buyer can come together with The Harborside and the other constituents to determine a successful path forward that benefits Harborside residents, families and employees,” she said. 
Erin Clary, a health department spokeswoman, said it “protected vulnerable residents by denying [LCS],&nbsp;who was unwilling to comply with instructions on how to bring the application in compliance with state law. As regulator, we'll continue working with the existing operator to ensure that the needs and concerns of residents and their families are addressed by the operator,” she said. 
The Harborside's CEO didn’t immediately respond to a request for comment. 
The facility has 329 units and offers different levels of care as residents age, from independent- and assisted-living apartments to a nursing home and dementia care. 
Prospective residents often sell their homes to pay The Harborside’s entrance fee, which is determined by the size of the apartment. A portion of the entrance fee, which was between $527,250 and $2.2 million under one type of sales contract offered in 2021, is supposed to be refunded after a resident dies.

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Seniors ask Gov. Hochul to appoint mediator to save their homes, life savings at The Harborside

Retirement community residents ask state for mediator to avert closure

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The residents of a bankrupt retirement community in Port Washington would continue to receive meals under a proposed settlement for unpaid bills, according to court documents. 
The Harborside has agreed to pay $712,983 toward its dining-services debt of more than $1 million. In return,&nbsp;food services provider Sodexo Inc. would continue to feed the 181 residents, whose average age is 90, Sodexo attorney Jennifer A. Christian wrote in a letter to a bankruptcy court judge on Tuesday. 
She said the residents would have meals until at least Nov. 30 if the judge approves the settlement. 
&quot;The parties have reached a resolution of the matters raised by the motion,&quot; Christian said, referring to Sodexo’s Oct. 10 request to walk away from The Harborside, which used to be called The Amsterdam at Harborside. 
Sodexo, citing the retirement facility's dwindling cash reserves and past-due bills, had asked U.S. Bankruptcy Judge Alan S. Trust to end its 2018 contract to provide dining services. 
Laurie Shinaman, Sodexo’s senior director of finance for its seniors business unit, said in a court filing that The Harborside &quot;is very frequently overdue on both pre-bill and reconciliation invoices and regularly incurs contractual interest charges.&quot; 
Sodexo’s contract to provide meals was to end in September when The Harborside was to be sold to Life Care Services Communities LLC for $104 million. 
However, as Newsday reported on Oct. 8, that deal fell apart after state regulators turned down the approval applications because of a lack of information provided by Iowa-based LCS. 
In response, LCS executives said they were no longer interested in owning The Harborside after waiting more than nine months for the state Department of Health and Department of Financial Services to review the deal and explain what additional information was needed. 
&quot;Sodexo is facing the prospect of being expected to continue to provide vital goods and services to the [Harborside] and its residents ... without assurances — other than perhaps verbal statements from the [Harborside and its attorneys] — that Sodexo will be paid,&quot; Edward E. Neiger, another Sodexo attorney, said in a 15-page filing. 
Judge Trust has scheduled a hearing on the matter for Nov. 6 in Brooklyn federal court. The Harborside filed for Chapter 11 bankruptcy protection from its creditors last year, the third such filing in 10 years. 
State records show that Sodexo has 66 employees at The Harborside. They were expected to be hired by LCS once it assumed ownership of the upscale facility. 
Neither the CEO of The Harborside nor a Sodexo spokeswoman responded to requests for comment on Wednesday. 
The Harborside has 329 units and offers different levels of care as residents age, from independent- and assisted-living apartments to a nursing home and dementia care. It is one of four &quot;continuing care retirement communities&quot; on Long Island. 
Prospective residents often sell their homes to pay The Harborside’s entrance fee, which is determined by the size of the apartment. A portion of the entrance fee, which was between $527,250 and $2.2 million under one type of sales contract offered in 2021, is supposed to be refunded after the resident dies.

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Harborside residents will continue to receive meals under a proposed settlement of $1 million in bills

Harborside residents will continue to receive meals under proposed settlement

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Bob Curtis fears that he and wife, Sandy, will lose their home, their life savings — and possibly be separated — if the retirement community they’ve called home for three years closes amid its third bankruptcy in 10 years. 
&quot;If the unthinkable happens, I will not be able to replace what I have here,&quot; he said on Thursday, referring to The Harborside, where Sandy Curtis, 84, is cared for in the dementia unit and Bob Curtis, 87, lives independently. 
&quot;I will have to deal with a relocation,&quot; he said. &quot;I will not only have to find a home for Sandy, I’ll have to find a home for me [should The Harborside shut down], which I may not be able to afford and who knows where they will be.&quot; 
The couple was among about 200 Harborside residents, their families and local elected officials who held a rally inside the Port Washington facility to call on Gov. Kathy Hochul to &quot;save our homes.&quot; The event came after the August collapse of a $104-million sale agreement to keep the facility operating under a new owner. 
The rally, held in the Promenade Ballroom, took place two days after Hochul vowed that none of the residents, whose average age is 90, would be evicted as long as she is governor. 
Responding to a Newsday question on Tuesday in New Hyde Park, Hochul said The Harborside’s would-be buyer, Life Care Services Communities LLC, had been unwilling to comply with state regulations governing the sale of &quot;continuing care retirement communities.&quot; 
She also suggested that other businesses were interested in purchasing the bankrupt Harborside, although only two bidders besides LCS were at a bankruptcy-court auction last year. 
Traci McBee, a spokeswoman for Iowa-based LCS, said it was no longer interested in the property, having spent more than $1 million to pay operating expenses this year. She also said the three applications submitted to the state Department of Health and Department of Financial Services &quot;in no way violated state law, and at no time did LCS ask [state] regulators for any exceptions to law or statute.&quot; 
Gordon Tepper, a spokesman for Hochul, said on Thursday the Health Department denied LCS’ application earlier this month. But he said the agency would consider a future application. 
&quot;If LCS is truly interested in completing this deal, it is incumbent upon them to meet the state’s standard requirements,&quot; Tepper said. &quot;LCS should submit an application to the Department of Health, along with all the required documentation to move this process forward. We are not going to break the law to facilitate a transaction.&quot; 
Monica Pomeroy, a Health Department spokeswoman, said the agency &quot;protected vulnerable residents by denying an applicant who was unwilling to comply with instructions on how to bring the application in compliance with state law. As regulator, we'll continue working with the existing operator to ensure that the needs and concerns of residents and their families are addressed.&quot; 
At the rally, Harborside resident Constance Miceli, 95, said the LCS buyout offer was the best option because it protects residents' investment, pays off the facility's debt and provides capital to improve operations. 
Miceli, Bob Curtis and others accused the Health Department of misleading Hochul about the 10-month approval process, which ended when LCS withdrew its buyout offer. 
&quot;Why did it take DOH 10 months to come to that point and ruin any chance we had to right our ship?&quot; Bob Curtis said, adding that he would lose half the $800,000 entrance fee that he paid The Harborside, should it close. 
The Health Department’s &quot;mission is to do no harm. However, this feels like elder abuse,&quot; he said.

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Harborside retirement residents, supporters rally to 'save our homes'

Residents, supporters rally to save Harborside retirement home

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About 200 residents are trying to save their homes amid the possibility of the Harborside retirement facility&nbsp;closing due to bankruptcy.&nbsp;

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Residents rally to save Harborside retirement home 

Port Washington

Newsday

Harborside retirement community residents could be without a home 

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Gov. Kathy Hochul on Tuesday vowed that the elderly residents of a bankrupt retirement community in Port Washington would not face eviction because a buyout deal collapsed. 
She said her administration is working to protect the 181 residents of the Harborside, whose average age is 90. 
&quot;I’m focused on making sure that they’re safe, they’re protected, that they have housing — and we’ll continue to work out the ownership issues,&quot; Hochul told reporters after an event at the Northwell Health headquarters in New Hyde Park. 
The governor called on the Harborside leaders and the would-be buyer, Life Care Services Communities LLC,&nbsp;and its supporters to &quot;stop scaring these individuals and making them feel that they’re going to be out on the streets tomorrow.&quot; 
Hochul continued, &quot;That is not happening. I will not let that happen as the governor of the state,&quot; she said in response to a Newsday question. 
The Harborside filed for Chapter 11 bankruptcy protection from its creditors in September 2023, the third such action in 10&nbsp;years. 
In December, a federal bankruptcy judge approved a $104 million buyout offer from Iowa-based LCS, which is the third-largest operator of senior care facilities in the country. 
LCS terminated the deal in August, saying it could wait no longer for the required approvals from the state Department of Health and Department of Financial Services. Earlier this month, the health department turned down the LCS application to operate the Harborside because of a lack of information provided by the buyer, according to an Oct. 3 letter obtained by Newsday. 
Hochul defended the health department on Tuesday, saying, &quot;We cannot overlook state law, which says that in order for there to be a transfer ... certain conditions [have to be] met. We cannot say they don’t have to be met because I want to make sure that the residents are safe.&quot; 
A key hurdle to LCS receiving state approval is its plan to change the Harborside’s business model from nonprofit to for-profit. All of the Harborside's peers in the state are nonprofit, including three on Long Island. 
Still, LCS, under the court-approved sale agreement,&nbsp;promised to&nbsp;retain all 140 Harborside employees and to&nbsp;pay off bonds held by investors and refunds owed to the families of deceased residents. It also has provided more than $1 million to keep the facility open this year. 
Asked if the LCS deal could be revived if the parties returned to the negotiating table, Hochul said state officials &quot;cannot sit in a room and agree to violate state law, which is what is being asked here and that cannot happen under any circumstance. I don’t think there’s a single person who wants us to compromise the safety and well-being of [the] residents in order to just get a deal.&quot; 
She also said other businesses are interested in purchasing the Harborside, though only three bidders participated in last year’s auction in bankruptcy court, based on court documents. 
&quot;There are other prospective partners out there,&quot; Hochul said. &quot;They can come forward, you can start conversations.&quot; 
Asked to comment on the governor's stance, LCS spokeswoman Traci McBee said, &quot;LCS is no longer pursuing the purchase of the Harborside. We are hopeful the parties involved can find an alternate solution to protect the residents.&quot; 
On Wednesday, McBee added, &quot;The applications submitted by LCS in no way violated state law, and at no time did LCS ask regulators for any exceptions to law or statute.&quot; 
The Harborside CEO didn’t respond to a request&nbsp;for comment on Tuesday. 
Separately, nearly 1,100&nbsp;people had&nbsp;signed a petition on Change.org as of Tuesday night calling on Hochul and the health department to approve the sale of the&nbsp;Harborside to LCS. The petition was started on Sunday by Ronnie Cardno, whose&nbsp;87-year-old grandmother is a Harborside resident. 
&quot;She sold her home and invested her entire life savings into Harborside, trusting that it would provide her with a stable and secure future,&quot; Cardno&nbsp;wrote. &quot;Now, because of this decision [by state regulators], she is facing the unimaginable reality of being left homeless in her most vulnerable years.&quot; 
The Harborside has 329 units and offers different levels of care as residents age, from independent- and assisted-living apartments to a nursing home and dementia care. It is one of four &quot;continuing care retirement communities&quot; on Long Island. 
Prospective residents often sell their homes to pay the Harborside’s entrance fee, which is determined by the size of the apartment. A portion of the entrance fee, which was between $527,250 and $2.2 million under one type of sales contract offered in 2021, is supposed to be refunded after the resident dies.

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Gov. Kathy Hochul pledges that the elderly residents of the Harborside in Port Washington will not be evicted

'That is not happening': Hochul vows elderly Harborside residents won't be evicted

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A deal to keep open an upscale retirement community in Port Washington has fallen apart, raising the specter of 181&nbsp;elderly residents having to find new homes and losing their life savings, according to officials and court documents. 
The prospective buyer of the Harborside, formerly called the Amsterdam at Harborside, has terminated a $104 million sale agreement, saying it has waited more than nine months for the required approvals from state regulators and has no idea when, or if, they will be forthcoming. 
But one of the regulators, the Department of Health,&nbsp;turned down the proposed sale because of a lack of information provided by the buyer, according to an Oct. 3 letter obtained by Newsday. 
Agency spokeswoman Cadence Acquaviva said on Monday, &quot;In keeping with its regulatory responsibility, the department protected vulnerable residents by denying an applicant who was unwilling to comply with instructions on how to bring the application in compliance with state law.&quot;&nbsp;&nbsp; 
Last year, Life Care Services Communities LLC won a federal bankruptcy-court auction for the Harborside, which has filed for Chapter 11 bankruptcy protection from its creditors three times in the past nine years. 
Iowa-based LCS is the nation's third-largest operator of retirement homes.&nbsp;It had&nbsp;promised under the court-approved sale agreement to retain all 140 Harborside employees, pay off bonds held by investors and refunds owed to the families of deceased residents, and provide more than $1 million so the facility would remain open while the health department and Department of Financial Services reviewed the deal. 
However, after acquiescing to extensions of the deal’s closing date, LCS backed out on Aug. 20, saying it could wait no longer. 
Harborside residents, whose average age is 90, and their families are frustrated and afraid. 
“There is the real possibility, even the likelihood, that we face imminent eviction and the loss of our homes, our community, our savings and our health care,” said Joyce Shapiro, chairwoman of the Harborside Residents Council. 
Prospective residents often sell their homes to pay the Harborside’s entrance fee, which is determined by the size of the apartment. A portion of the entrance fee,&nbsp;which was between $527,250 and $2.2 million under one type of sales contract offered in 2021,&nbsp;is supposed to be refunded after the resident dies. 
The Harborside has 329 units and offers different levels of care as residents age, from independent- and assisted-living apartments to a nursing home and dementia care. It is one of four “continuing care retirement communities” on Long Island. 
Shapiro, the Harborside resident, said, she and her neighbors &quot;face … [being] callously thrown out on the street without the resources to pay for decent housing and health care. Please don’t abandon us,&quot; she told a bankruptcy court judge in Central Islip last month. 
Told of Shapiro's plea, Gordon Tepper, a spokesman for Gov. Kathy Hochul, said on Monday, &quot;The state will work with the families to make sure their loved ones have a place to go. They will be given options, and we are committed to everyone getting the care that they need and deserve.&quot; 
LCS officials said they are no longer interested in owning the Harborside. 
&quot;As of the start of October, we were still no closer to an approval or commitment to a path forward with the New York State Department of Health than we were when we submitted our applications [for approval of the Harborside purchase] in January,&quot; said LCS spokeswoman Traci McBee. &quot;As a result, we can no longer continue our pursuit of the Harborside.&quot; 
She added, &quot;The Department of Health has had multiple chances to keep this community open … They have failed the residents of the Harborside, who now face an uncertain future.&quot; 
All the parties agree that the&nbsp;transaction is complex because it involves changing the Harborside’s status from nonprofit to for-profit, a first among such retirement homes in New York. 
Still, LCS executive Daniel L. Lahey&nbsp;accused the health department regulators of operating &quot;a Kafkaesque bureaucracy.&quot; 
The department&nbsp;&quot;would rather postpone a decision indefinitely, or repeatedly suggest closure of the community, rather than take actions to protect the very same elderly citizens it is charged with protecting,” he wrote in a Sept. 23 memo to U.S. Bankruptcy Court Judge Alan S. Trust. 
The health department responded in the Oct. 3 letter by listing over six pages the documents and other information that LCS had failed to provide. 
Top regulator Michael Heeran, wrote that LCS' &quot;lack of [the] required financial transparency&quot; with the state meant that the review of its applications &quot;is not possible&quot; and &quot;they will be closed.&quot; 
Time and money are both running out for the Harborside. 
“We have a limited liquidity runway here,” said Rachel Nanes, the facility’s attorney, referring to its finances. “[The facility] now finds itself in a very tenuous position” without additional cash from LCS to pay operating expenses. 
In court, she recalled the 2016 bankruptcy and subsequent sale of Westchester Meadows, a continuing&nbsp;care retirement community in upstate Valhalla, which won state approval in less than 70 days. 
Harborside CEO Brooke Navarre acknowledged the facility's financial straits on Monday, but said high quality care is still being provided.&nbsp; 
&quot;This is very stressful for the residents,&quot; she said. &quot;We urge all the parties to close on the sale because it's in everyone's best interest.&quot; 
The judge has requested that the parties provide him with a status report on Wednesday.

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Port Washington seniors fear loss of homes and life savings as the Harborside retirement community's sale falls apart

Seniors fear loss of homes as sale of a Port Washington retirement community falls apart

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The Harborside retirement community in Port Washington, formerly called the Amsterdam at Harborside, is seeking a third round of tax breaks from Nassau County after filing for bankruptcy three times in the past 10 years, officials said. 
The Harborside’s expected purchaser, Life Care Services Communities —&nbsp;LCS —&nbsp;applied to the county’s Industrial Development Agency for a sales-tax exemption of up to $252,281 on the purchase of equipment, fixtures and furnishings as part of proposed improvements to the 14-year-old buildings. 
Iowa-based LCS also requested up to $740,530 off the mortgage-recording tax and an additional 20 years of property-tax savings. The latter would be on top of the more than $32&nbsp;million off property taxes that the Harborside received between the mid-2000s and this year, according to state records. 
In return, the officials said LCS would spend&nbsp;$101 million to purchase, renovate and revive the Harborside, which is located at 300 East Overlook. 
The project also&nbsp;would add 54 jobs to the facility's workforce of 80 people over three years. Most of the new jobs would pay between $36,000 to $98,000 per year, according to the application for IDA assistance.&nbsp; 
The IDA board voted unanimously on Wednesday to begin negotiations with LCS for more tax breaks. 
Last year, LCS, the nation’s third-largest manager of retirement communities, won a bankruptcy court auction for the Harborside, promising to pay $64.5 million. However, the judge’s decision has been appealed by the representative of holders of millions of dollars of debt.&nbsp; 
Still, LCS representatives said on Wednesday that it’s moving forward with a plan to turn around the Harborside,&nbsp;which has struggled with a high vacancy rate since it opened in 2010. The rate is now above&nbsp;50%, according to Daniel P. Deegan, LCS’ real estate attorney. 
He and others told the IDA that despite the Harborside’s financial woes, the failure rate of such&nbsp;Continuing Care Retirement Communities, or CCRCs, is relatively low nationwide. 
“A key driver in some of the notable failures has been too much debt,” said Dan Lahey, chief financial and investment officer at LCS. “What we are doing here is different than in the past, and we’ll be able to have a much lower debt profile” once the Harborside’s bonds are paid off. 
The IDA issued bonds for the Harborside’s construction in 2007 and then more bonds to help it emerge from bankruptcy twice. The bonds, both taxable and tax exempt, total about $160 million.&nbsp; 
Less debt “can restore consumer confidence and get people willing to move in once again,” Lahey said, responding to a question from IDA board member Reginald&nbsp;Spinello. “After the last restructuring [of debt in 2021], the [Harborside’s] reputation in the market was damaged and they weren’t able to sell units anymore. That’s why they’re currently in their third bankruptcy.” 
There’s also more competition with the 2022 opening of Fountaingate Gardens in Commack, a CCRC run by the adjacent Gurwin Jewish Nursing and Rehabilitation Center. There are four CCRCs on Long Island, along with many nursing homes and assisted living centers. 
The Harborside has more than 200 residents with an average age of 90 in 329 units that offer different levels of care as they age, from independent- and assisted-living apartments to a nursing home and dementia care. 
Prospective residents often sell their homes to pay the Harborside’s entrance fee, which is determined by the size of the apartment. A portion of the entrance fee is supposed to be refunded after the resident dies. Refund obligations for current residents total more than $90 million, according to the IDA application. 
The Harborside has operated as a nonprofit but going forward will be a for-profit business as are other LCS-owned properties, LCS spokeswoman Traci McBee confirmed to Newsday. 
“After the restructuring is complete, [the] Harborside will no longer be burdened with several millions of dollars of annual debt-service requirements … Regardless of the ownership structure, our service and commitment to residents and staff is our top priority,” she said on Thursday. 
The willingness of the IDA’s seven-member board to consider a third bailout of the Harborside is in sharp contrast to its vow in July 2021 to provide no further assistance after the second bankruptcy. However, only one member of the current board also served in 2021. 
“Our first concern is for the people who live there … What happens to them?” said board chairman William H. Rockensies, adding that many Harborside residents invested their life’s savings to move there. 
“This is not the same situation [as in 2021],” he said in an interview on Wednesday. “This is a different company with a stellar reputation and the [financial] backing” to address the Harborside's woes.

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Bankrupt Harborside retirement community's new owner asks for third round of tax breaks for Port Washington facility

Port Washington retirement facility seeks more tax breaks after three bankruptcies

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The nation’s&nbsp;third-largest manager of retirement communities&nbsp;could take over the Harborside, formerly the Amsterdam at Harborside,&nbsp;a retirement facility in Port Washington that filed for bankruptcy last spring for the third time in nine years, according to court documents. 
LCS, which stands for Life Care Services Communities,&nbsp;prevailed in a five-day auction for the Harborside that was supervised by the U.S. Bankruptcy Court in Central Islip in September and October. A judge then approved the purchase on Dec. 27. &nbsp; 
However, the representative of holders of millions of dollars of Harborside debt, UMB Bank N.A. in Kansas City, Missouri, has filed an appeal of Chief Judge Alan S. Trust’s ruling, the documents show. 
The Harborside&nbsp;is a nonprofit located at 300 E.&nbsp;Overlook. More than 200 residents with an average age of&nbsp;90 live in 329 units that offer different levels of care as they age, from independent- and assisted-living apartments to a nursing home and dementia care. 
Prospective residents often sell their homes to pay the Harborside’s entrance fee, which was between $527,250 and $2.2 million under one type of sales contract offered in 2021, depending on the apartment size.&nbsp;A portion of the entrance fee is refunded after the resident dies, according to documents from the Harborside’s second Chapter 11 bankruptcy case in 2021. 
Last month, Judge Trust&nbsp;suggested changes to the sale agreement after finding that proposals negotiated by the Harborside, its parent and the bondholders, were insufficient. 
He ruled that the $63 million bid from Des Moines, Iowa-based&nbsp;LCS&nbsp;was preferable as the least disruptive to residents because the Harborside would not close. One rival bid for $36 million would have voided residents' ownership contracts and had them pay rent. Another for $178 million would have had residents move out because the facility was to be shuttered.&nbsp; 
“The bid that is objectively the highest may not also be subjectively the best bid,” the judge said at a Dec. 1 hearing. 
<h2>Could have lost homes</h2> 
Under the terms of the unsuccessful bids, Harborside “residents who, at an average age of approximately 90 years old, are faced with not only the loss of their physical homes and in many cases their life savings, but also their community setting and life-sustaining health care,” he said. “The court has found and concludes that the LCS bid is in fact the highest and best bid.” 
The judge’s decision came weeks after he received a petition in support of the LCS bid that was signed by 96 Harborside residents. 
Joyce Shapiro, chairwoman of the facility’s Residents Council, said “the threat of eviction” had been “hanging over our heads” for months.&nbsp;In a Nov. 15 statement to the judge, she wrote, “We now face the very real possibility that we will lose our home, our savings, our community and our health care when we need them the most and be callously thrown out into the street without anywhere to go and without the resources to pay for decent housing and health care.” 
Another resident, Robert Curtis, said the unsuccessful bids were unacceptable because “casting out a fragile, challenged population is just about unthinkable.” 
Under the sale terms, LCS would&nbsp;pay $63 million to the bondholders via UMB and an undetermined amount of refunds to the families of deceased Harborside residents. A further $40.8 million in refund payments would come from the planned sale of the Amsterdam Nursing Home in Manhattan. 
LCS also has agreed to provide $1.2 million to cover the Harborside’s operating losses until the sale is completed, the court documents show. 
“We are actively mobilizing on the regulatory approvals and transition plans needed to complete the Harborside acquisition as soon as possible in 2024,” LCS spokeswoman Traci McBee told Newsday. “Under LCS ownership, the financial challenges of the Harborside can finally be put in the past. We are happy about what this outcome means for the residents of the community.” 
LCS, founded in 1971, manages 143 retirement communities nationwide with a total of 40,000 residents. The company doesn't own all of the facilities that it runs, such as the Village Green and Village Walk assisted living centers&nbsp;in Levittown and Patchogue. 
The Harborside opened in 2010 and employs about 145&nbsp;people, according to court documents. CEO Brooke Navarre did not respond to a telephone message seeking comment. 
The Nassau County Industrial Development Agency issued bonds for the construction of the Harborside in 2007 and then additional bonds to help it emerge from bankruptcy twice. 
In the second bankruptcy case, in 2021, the IDA board vowed not to provide additional assistance if the Harborside filed for bankruptcy a third time. In 2021,&nbsp;the&nbsp;board, in a 5-1 vote with one abstention, approved the issuance of up to $169 million in taxable and tax-exempt bonds and up to $1.3 million off the mortgage recording tax. 
The IDA board would have to approve the Harborside’s sale, the documents show. 
“The Nassau County Industrial Development Agency, with the involvement of counsel, has been closely monitoring the bankruptcy proceedings,” said Sheldon L. Shrenkel, the agency’s CEO and executive director.

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Court OKs plan for sale of Port Washington retirement facility, formerly Amsterdam at Harborside

Court OKs plan for Iowa firm to buy bankrupt LI retirement community

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Millions of dollars in entrance-fee refunds that are owed by a Port Washington-based retirement community to its residents and the families of deceased residents would be paid if a proposed suitor prevails in a bankruptcy-court auction, representatives of the current owner and possible future owner&nbsp;said. 
 The Harborside, formerly called the Amsterdam at Harborside, owes at least $29 million in refunds. That’s the amount that must be paid to 30 residents and their families, according to documents filed in federal bankruptcy court in Central Islip. 
 The nonprofit retirement community at 300 E. Overlook sought protection last month from its creditors under Chapter 11 of the bankruptcy code for the third time in nine years. It listed assets of $100 million to $500 million against liabilities in the same range. 
 At the time, the Harborside said it had “a proposed stalking-horse term sheet” or purchase bid from another nonprofit: New England Life Plan Communities Corp.&nbsp;&nbsp; 
 In bankruptcy proceedings, a stalking-horse bidder is the initial bidder with whom the debtor negotiates a purchase agreement. The stalking horse usually sets the bar for lowest bid in the forthcoming auction and may or may not end up the winner, according to the law firm Jones Day. 
 New England Life was founded in fall 2021 and is based in Lincoln, Massachusetts, west of&nbsp;Boston, based on incorporation records. 
 &quot;We intend to be able to fund all of the entrance-fee refunds that are due to either residents who have moved out [of the Harborside] or to family members of deceased residents,&quot; Larry Bradshaw, president of New England Life, told Newsday on Tuesday. 
 His comments followed a creditors’ meeting on Monday&nbsp;where Harborside representative Michael Morton said its “current potential stalking-horse bidder provides for the assumption of entrance-fee refund obligations as well as the refund of former residents obligations.” 
 Prospective residents often sell their homes to pay the Harborside’s entrance fee, which was between $527,250 and $2.2 million under one type of sales contract offered in 2021, depending on the size of the apartment. A portion of the entrance fee is refunded after the resident dies, according to documents from the Harborside’s second bankruptcy case in 2021. 
 Since then, a second type of contract was introduced with a lower entrance fee in return for limited nursing home services. That contract was supposed to increase the number of people living at the Harborside, CEO Brooke Navarre said two years ago. 
 The Harborside, with 329 units, offers different levels of care as residents age, from independent- and assisted-living apartments to a nursing home and dementia care. 
 At Monday's hourlong creditors' meeting, the Harborside representative was asked what it would do if the stalking-horse bidder isn't successful. The representative said, &quot;At this point in time [the retirement community] is currently focused on either a sale or an affiliation transaction with a third party.”

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Proposed sale would allow bankrupt retirement community to refund millions from entry fees

Proposed sale would allow bankrupt retirement community to refund millions, possible buyer says

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A financially troubled retirement community in Port Washington has filed for bankruptcy protection from its creditors for the third time in nine years, citing difficulty in paying its bills because of reduced occupancy. 
 The Harborside, formerly called the Amsterdam at Harborside, listed assets of $100 million to $500 million against liabilities in the same range. The largest unsecured creditors are the families of 30 deceased residents who, as a group, are owed $29 million in entrance-fee refunds, according to documents filed in federal court in Central Islip on Wednesday. 
 The nonprofit retirement community, opened in 2010, has negotiated an agreement for a loan of up $9 million to continue operating. The money would&nbsp;go toward paying the salaries of 98 employees and providing meals, health care and other services to residents, many of whom are in their 80s, the documents state. 
 The Harborside also has been in talks to sell itself to another nonprofit: New England Life Plan Communities Corp.,&nbsp;the documents state. New England Life&nbsp;was founded in fall 2021 and is based in Lincoln, Massachusetts, west of Boston, based on incorporation records. 
 New England Life officials couldn’t be reached for comment on Thursday. 
 Any sale of the Harborside would likely be the result of an auction supervised by the U.S. Bankruptcy Court, according to officials. 
 The Harborside “board has unanimously determined that it is in the interests of the Harborside and its creditors, residents and other interested parties that a petition be filed with the [bankruptcy court] by the Harborside seeking relief under Chapter 11 of the Bankruptcy Code,” states a resolution adopted by the nonprofit’s board on Tuesday. 
 Brooke Navarre, CEO and president of the Harborside, did not respond to a telephone message seeking comment on Thursday. 
 The nonprofit, with 329 units, offers different levels of care as residents age, from independent- and assisted-living apartments to a nursing home and dementia care.&nbsp;&nbsp;The &quot;continuing care retirement community&quot; at 300 East Overlook is the only one of its kind in Nassau County but there are competitors in Suffolk County. 
 Prospective residents often sell their homes to pay the Harborside's entrance fee, which was between $527,250 and $2.2 million under one type of sales contract offered in 2021, depending on the size of the&nbsp;apartment.&nbsp;That contract also called for a monthly service fee of between $2,600 and $8,100 for meals and amenities, such as a heated indoor pool and underground parking. 
 A portion of the entrance fee is refunded after the resident dies, according to documents from the Harborside’s second bankruptcy case in 2021. 
 Since then, a second type of sales contract was introduced with lower entrance and monthly service fees in return for limited nursing home services. That&nbsp;contract was designed to increase the number of people living at the Harborside, Navarre told a meeting of the Nassau IDA two years ago.&nbsp; 
 The second contract, plus a&nbsp;marketing campaign, apparently didn't attract a sufficient number of new residents, based on an Oct. 27, 2022, letter from Navarre to the IDA that was obtained by Newsday under the Freedom of Information Law.&nbsp; 
 The Nassau IDA issued bonds for the construction of the Harborside in 2007 and then additional bonds to help it emerge from bankruptcy twice. 
 In the second bankruptcy case, in 2021, the IDA board vowed not to provide additional assistance if the Harborside filed for bankruptcy a third time. The board, in a 5-1 vote with one abstention, approved the issuance of up to&nbsp;$169 million in taxable and tax-exempt bonds and up to $1.3 million off the mortgage recording tax. 
 The Harborside stopped making payments on the bonds sometime last year or earlier this year, according to a Jan. 27 letter obtained by Newsday under the FOIL. 
 Nassau “was the conduit for these bonds but it’s not on the hook for the bond payments,” said Thad Calabrese, associate professor of public and nonprofit financial management at New York University’s Robert F. Wagner Graduate School of Public Service. “[The Harborside] is on the hook for the payments, which are owed to the individuals and institutions that purchased the bonds.” 
 He said, &quot;This isn’t falling on the government or the taxpayers.” 
 IDA chairman Richard Kessel agreed, adding that the agency’s board &quot;will continue to monitor the situation very, very closely. We want to make sure the residents, as well as the employees, are completely protected,” he said on Thursday.&nbsp;&nbsp;

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Harborside retirement community in Port Washington files for bankruptcy for a third time 

Port Washington's Harborside retirement community files for bankruptcy again

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An upscale retirement community in Port Washington is struggling to meet its financial obligations, a year after it exited bankruptcy protection from its creditors for the second time in less than a decade, officials said. 
 The Harborside, formerly called the Amsterdam at Harborside, has missed at least one monthly payment on the Industrial Development Agency bonds that were issued last year as part of a financial restructuring, according to a letter obtained by Newsday under the Freedom of Information Act. 
 The nonprofit retirement community, opened in 2010,&nbsp;also didn’t meet its occupancy goal for the first nine months of this year, the Oct. 27 letter states.&nbsp; 
 The Harborside offers different levels of care as residents age, from independent- and assisted-living apartments to a nursing home and dementia units, at 300 East Overlook on Nassau County's Gold Coast. 
 Prospective residents often sell their homes to pay the entrance fee, which is between $527,250 and $2.2 million&nbsp;under the first type of sales contract offered,&nbsp; depending on the size of the living unit. That contract also calls for a monthly service fee of between $2,600 and $8,100 for meals and amenities, such as a heated indoor pool and underground parking. A portion of the entrance fee is refunded after the resident dies, according to documents filed last year in the bankruptcy case. 
 Since then, a&nbsp;second type of sales contract has been introduced with lower entrance and monthly service fees in return for limited nursing home services.&nbsp; 
<h3> Eyeing&nbsp;'strategic alternatives' </h3> 
 “The Harborside is currently engaged in discussions regarding its financial condition and occupancy levels” with the trustee for the bondholders, wrote&nbsp;Brooke Navarre, the Harborside’s president and CEO, in the letter obtained by Newsday. 
 She continued, “Additionally, the Harborside has engaged advisors to assist in its evaluation of various strategic alternatives.” 
 Navarre did not respond to requests for comment this week. 
 But a source familiar with the matter, who requested anonymity, said the Harborside is seeking a buyer or investors that can provide cash to cover operating costs while new residents are recruited. 
 Navarre addressed her letter to the Nassau IDA&nbsp;and UMB Bank in St. Louis, the bondholders’ trustee. The IDA issued bonds for the construction of the Harborside in 2007 and then additional bonds to help it emerge from bankruptcy twice. 
 “I, and I think the whole IDA board [last year], had great concerns about the future of [the Harborside],” said IDA chairman Richard Kessel.&nbsp; “I know they have made some major efforts to bring in new people, but from what I understand they aren’t being successful at this point. They have some serious financial problems,” he said last month. 
<h3> IDA 'monitoring' status </h3> 
 Kessel and other IDA board members said they do not want to take an action that would harm the approximately 375 Harborside residents,&nbsp;many of whom are age 80 and over, and the workforce of about 200 people, including independent contractors and those provided by staffing agencies. 
 We're monitoring the situation,&quot; Kessel said on Tuesday. 
 The IDA&nbsp;vowed when it provided additional bonds to the retirement community that no further aid would be forthcoming. The IDA, in a 5-1 vote with one abstention, agreed in July 2021 to provide up to $169 million in taxable and tax-exempt bonds and up to $1.3 million off the mortgage recording tax.&nbsp; 
 The Harborside used the IDA help, together with $18 million from its then-sponsor the Amsterdam Nursing Home in Manhattan, to restructure $140 million in existing debt and to pay more than $20 million in entrance-fee refunds owed to 33 families of deceased residents. The two institutions are no longer affiliated. 
 In voting against last year's rescue plan, IDA member Timothy Williams, a banker, told Harborside executives, “I can’t see it in the numbers you have given us that we’re not going to be back here in seven years” with a third bankruptcy filing. 
 In 2014, the IDA issued new bonds and granted $550,000 in additional property-tax breaks to help the Harborside after its first bankruptcy filing.

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Harborside retirement community facing more financial problems, letter says

Retirement community facing more financial woes, letter says

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Complete coverage of The Harborside retirement community in Port Washington

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Complete coverage: The Harborside retirement community in Port Washington

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Newsday Live presents a special evening of music and conversation with local singers who grabbed the national spotlight on shows like "The Voice," "America's Got Talent,""The X-Factor" and "American Idol." Newsday Senior Lifestyle Host Elisa DiStefano leads a discussion and audience Q&A as the singers discuss their TV experiences, careers and perform original songs.

Newsday Live Music Series: Long Island Idols

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What's happening with Long Island companies, Nassau & Suffolk small businesses, plus stock market updates.

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