Harborside-Amsterdam in Port Washington Files for Bankruptcy
By Priya Persaud
For the third time in nine years, the Harborside, a retirement community in Port Washington, that opened in 2010 and was formerly known as the Amsterdam, has filed for bankruptcy protection against its creditors.
Originally opened as the Amsterdam at Harborside, the development complex has a distressed history, stocked with financial troubles.
The Harborside is a large retirement community, that offers a range of senior care options, including independent living, assisted living, memory support, and skilled nursing and rehabilitation. The facility is considered a "high-end" maintenance-free residential facility, with independent-living townhouses selling in the $1.5 million range.
It is a "62 and older community," with 229 independent living apartments, a health center consisting of 56-bed skilled nursing beds, 26 enriched housing units and 18 memory support units. It has approximately 400 senior residents.
For this - now third - application for bankruptcy, the Harborside cited "extreme difficulty" in paying its necessary bills and fees due to a reduced occupancy.
The Harborside listed its assets as being from $100 million to $500 million, against its liabilities within the same range.
As stated by the documents filed in Central Islip’s federal Bankruptcy Court on Wednesday, March 22nd, 2022, the Harborside lists as its largest unsecured creditors, the families of 30 deceased residents. As a group, the families are owed entrance-fee refunds of approximately $29 million.
To continue operation, the Harborside retirement community negotiated a loan of up to $9 million. According to the filed documents, the loaned money would go towards the salaries of the 98 employees and providing necessary services, such as providing meals and health care, to the remaining elderly residents.
A large real estate group, the New England Life Plan Communities Corp., has been in talks to buy the Harborside.