Latest news with #PortWashington
Daily Mail
10-07-2025
- Business
- Daily Mail
Senior living home files for bankruptcy wiping out residents' funds
A retirement community on Long Island has filed for bankruptcy, wiping out millions of its elderly residents' savings. Harborside, a continuing-care retirement community in Port Washington, New York, filed for Chapter 11 bankruptcy in October last year. Its elderly residents each paid a substantial entrance fee - between $425,000 and $1.7 million depending on the package - as well as thousands of dollars in monthly fees. Entrance fees can be refunded to family members on a resident's death or returned to the retiree if they choose to leave the facility. However, when a facility such as Harborside enters bankruptcy the process ensures that secured creditors are paid before residents. This can mean that once debtors are paid the money due to families has been decimated. Arlene Kohen, an 89-year-old resident at Harborside paid the standard $945,000 entrance fee by selling her Great Neck home for $838,000, according to The Wall Street Journal. Following the bankruptcy her family now expects to receive less than a third of the $710,000 refund the facility promised her. 'That's money that I'll never see,' Beverly Kohen Fried, Kohen's daughter, told the Journal. 187 out of the 210 current and former Harborside residents have accepted the Chapter 11 offer that returns 32 percent of their entry fees to them. Harborside had declared bankruptcy twice before its most recent filing. The complex first opened in 2010 shortly after the housing market crash. In such a climate prospective residents found it harder to sell their homes to cover the steep entrance fees. As a result Harborside filled less than 60 percent of its 229 independent-living units in two years, the Journal reported. The company filed its first bankruptcy in 2014. Then the pandemic once again halted the flow of new move-ins and the business filed for bankruptcy for the second time in 2021. Residents were unaffected by these first two filings because bondholders supported the proposed restructuring. However, when the company defaulted its bonds again in 2022 the new owner that bought Harborside began scaling back the care offered. Most of the residents who either needed that care immediately or planned to incrementally increase their care over time were forced to leave. Among those residents were Bob and Sandy Curtis. The rollback of available care meant Sandy had to be moved to a specialized memory care facility in February. Sandy died in April at 85 years old after a fall. Curtis, 88, remained in Harborside and is hoping to receive a refund of $50,000 of his initial $840,000 entrance fee this fall.
Forbes
08-07-2025
- Health
- Forbes
Trump Megabill Threatens Low-Income Health Insurance And Nursing Homes
Port Washington, N.Y.: The residents of the Harborside, a retirement community that has filed for ... More bankruptcy three times in nine years, hold a rally to call on politicians and others to save their homes and life savings on Oct. 24, 2024 in Port Washington, New York. (Photo by Howard Schnapp/Newsday RM via Getty Images) In the scramble for Donald Trump's megabill, the Senate had to make changes to the House version to pass the body's rules for reconciliation. The result included large cuts in programs that serve the financially needy, including Medicaid. There are two major implications of the Medicaid cuts. One has been discussed widely: the loss of health insurance coverage for millions and the impact on the nation's healthcare system. The second has garnered less attention. There are enormous implications for the availability of nursing homes at a time when changes in demographics have made all forms of senior housing much more important in the U.S. The Medicaid Numbers Medicaid is an expansive program dually funded by the federal and state governments. KFF, formerly known as the Kaiser Family Foundation, has compiled extensive data on the program by analyzing federal government statistics. In 2023, Medicaid covered 19% of all hospital care spending. That was $283 billion out of $872 billion in total Medicaid expenditures, or 32%. Physician and clinical services were 14%, and retail prescription drugs, another 6%. There has been no Congressional Budget Office scoring on the Senate version because of timing. According to KFF's estimate, the Senate bill, which became the law, will reduce federal Medicaid spending by $1.04 trillion over the next ten years, or a $104 billion per year reduction on average. That will result in 11.8 million more people nationwide without insurance. Another measure is the amount of Medicare funding states would lose. Thirty-seven states would lose a minimum of 13% annually, and another five would lose between 7% and 10%. The lack of insurance has broader implications as well because the medical care those 11.8 million people need affects many more. KFF projects the cuts to ultimately affect an estimated 83 million people. In addition to those covered by Medicaid, there are state workers (Medicaid, again, isn't purely federal), and healthcare providers who are independent, working in clinics, and associated with hospitals. As U.S. health expenditures as of 2023 were 17,6% of gross domestic product according to the Peterson-KFF Health System Tracker, there is a potential significant impact on the entire economy. Senior Housing The senior housing real estate market incorporates several types of living arrangements, including independent living, assisted living, skilled nursing (also known as nursing homes), memory care, and in-home care. Around for many years, these options are becoming more important because of the country's aging demographics. From 1920 to 2020, the U.S. population age 65 and older grew about five times faster than the total population, as the Census Bureau has written. By 2020, that group numbered 55.8 million, or 16.8% of the U.S. population. By 2024, the 65-and-older group numbered 61.2 million. The under-18 population decreased by 0.2% to 73.1 million. The number of metro areas with more older adults than those under 18 grew from 58 to 112. By 2030, 20% of the population is expected to be 65 years or older, or 71.6 million, as S&P Global notes. The older people grow, the greater the need for specialized housing. However, Medicaid is the primary payer of nursing facility residency, covering 63% of the residents, KKF says. The program paid for 44% of the $147 billion the U.S. spent on long-term care in 2023. 'Most Medicaid enrollees using institutional [long-term care] are dually enrolled in Medicare, compared to just over half of those using home care,' the organization said. According to Senior Housing News, senior living broadly is somewhat insulated from the Medicaid spending cuts, but not immune. 'The bill likely means more financial challenges ahead for nursing homes, hospitals and community health centers and could push them to scale down services or even close their doors,' they wrote. It will take time for the effect of the cuts on senior housing, hospitals, and insurance for lower-income to become obvious. However, it could be disastrous.
Wall Street Journal
07-07-2025
- General
- Wall Street Journal
She Paid $1 Million to Join a Senior Facility. Its Bankruptcy Wiped Her Out.
Arlene Kohen was 89 years old and recently widowed when she moved to the Harborside continuing-care retirement community in Port Washington, N.Y., in January 2020. The facility on Long Island offered independent living units, along with skilled nursing, memory care and assisted living. Getting in wasn't cheap.
Yahoo
01-07-2025
- Business
- Yahoo
Planned Port Washington data center operator continues buying land. Sales total $12.3 million
More land sales are surfacing to accommodate Vantage Data Centers' complex planned in the town of Port Washington. Those sales now total $12.3 million for 269 acres, according to several deeds posted online by the Wisconsin Department of Revenue on June 26 and June 27. That's an average of just more than $45,700 per acre. Most of the land, which is along Highland Drive, is used for farming. The parcels were sold to VDC Wisco Realty Investments 1 LLC. It shares an address with Vantage's Denver corporate headquarters. A Vantage executive didn't respond to a request for more information. Vantage was identified in June as the future operator of the proposed 3.5-gigawatt data center campus — to be among the largest such centers in the United States. The campus is to include 11 data center buildings and five substations under conceptual plans approved by the City of Port Washington — which plans to annex the site. The campus would initially total 1,600 acres, with around 300 acres for future development phases, said city Plan Commission documents. The first phase is 568 acres. It's to be completed in 2027 by Cloverleaf Infrastructure, the firm developing the data center for Vantage. The project site is north of the Port Washington city limits. It's bordered by I-43 to the southeast, Dixie Road to the north and the Ozaukee Interurban Trail to the west. (This story was updated to correct inaccurate information on how much land was sold). Tom Daykin can be emailed at tdaykin@ and followed on Instagram,Bluesky, X and Facebook. This article originally appeared on Milwaukee Journal Sentinel: Port Washington data center land sales now total $12.3 million Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
13-06-2025
- Business
- Associated Press
Crossover Meats Wins Prestigious Mindful Award for 2025
Pioneering patented blends of chicken with beef, pork, or lamb—Crossover Meats delivers a full flavor, healthier alternative with 50% less environmental impact. 'By choosing Crossover Meats, consumers can be mindful of their health and the environment, all while enjoying the delicious indulgent taste of all-natural ground meat and burgers.'— Michelle Adelman, CEO PORT WASHINGTON, NY, UNITED STATES, June 13, 2025 / / -- Crossover Meats, a leader in healthier and sustainable ground meat products that enable the mindful choice to be the everyday choice, is proud to announce it has been named a winner in the esteemed 2025 Mindful Awards. This recognition highlights Crossover Meats' commitment to sustainability, wellness and exceptional taste. The Mindful Awards, an independent program recognizing excellence in conscious consumer products, honors companies that exemplify sustainability, well-being, and ethical innovation. Crossover Meats was recognized for its patented recipe blending wholesome chicken with beef, pork, or lamb—offering full flavor, high protein and iron, and lower fat and calories with a fraction of the environmental impact. 'We are honored and humbled to receive a Mindful Award,' said Michelle Adelman, CEO of Crossover Meats. 'At our company, sustainability isn't just a strategy, it's ingrained in every aspect of what we do from product development to sourcing. Compared to conventional ground beef, our products use 50% less land, 40% less water, and produce up to 50% fewer greenhouse gas emissions. This award is a tribute to the hard work and dedication of our entire team and our belief that better meat can create real change.' The 2025 Mindfulness Awards received thousands of nominations from companies across the consumer goods industry. Winners were selected based on rigorous criteria, evaluating their impact on consumer well-being, environmental stewardship, ethical practices, and overall commitment to mindful principles. Crossover Meats continues to push the boundaries in the meat aisle, offering delicious, better-for-you burgers and ground meat that help consumers make better choices without compromise. For more information about the Mindfulness Awards and a complete list of winners, please visit https: Michelle Adelman Crossover Meats +1 855-954-5450 email us here Visit us on social media: LinkedIn Instagram Facebook TikTok X Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
