N.Y. Beach Town Approves Tentative Deal to Stave Off Bankruptcy

The Long Beach, New York city council approved a tentative settlement on Tuesday evening with a real estate developer who was awarded a judgment this year now estimated to be worth nearly $150 million, that threatened the city with insolvency.

Long Beach, a city of about 34,000 on a barrier island off Long Island’s south shore, agreed to pay developer Sinclair Haberman $75 million in cash and permit him to build two 13-story buildings with a rooftop penthouse on a long-vacant lot along the boardwalk. The parties have 90 days to finalize their settlement, which also needs ratification from the ...