Life Care Services Communities (LCS) has backed out of a $104 million agreement to purchase the Harborside retirement complex in Port Washington, Long Island, despite winning the auction. The Iowa-based operator terminated the deal due to regulatory delays in receiving necessary approvals from New York state health officials. LCS had committed to maintaining the facility’s operations, preserving jobs, and investing over $1 million during the approval process. The decision leaves the 181 residents, averaging 90 years old, in distress as they face financial strain and uncertainty, especially with Harborside undergoing its third Chapter 11 bankruptcy in a decade. The New York Department of Health is being criticized for not acting to secure the facility’s future.
Life Care Services Communities
