Skip to content

NYC-Area Beach Town Reaches Tentative Deal on $140 Million Judgment

  • Long Beach plans to sell debt to pay developer $75 million
  • City and developer had been warring for more than 30 years
Residential homes in Long Beach, New York.
Residential homes in Long Beach, New York.Photographer: Johnny Milano/Bloomberg

Long Beach, New York, a barrier island off Long Island’s south shore, reached a tentative settlement with a developer who was awarded a $140 million judgment in May that threatened the city with insolvency.  

The city agreed to pay developer Sinclair Haberman $75 million and permit him to build two, 13-story buildings with a rooftop penthouse on a long-vacant lot along the boardwalk, according to a letter of intent distributed at a council meeting this week. The city plans to vote to approve the agreement on Dec. 28 and intends to issue general obligation bonds to fund the payment.