Update 3: It is rumored that the Ferraro brother would be in charge of hockey operations at this place.
We will try and attend the announcement regarding this on the 15th.
Update 2: According to Rich BD Salgado, President of Coastal Advisors LLC an announcement will be made regarding this on January 15th.
NHL Network analyst Kevin Weeks also shed a little light on this:
Update: According to Rob McGowan who is a credentialed Islander blogger, it will be an rink/community center and will be built by former NHL players.
Within the last hour, former Islander broadcaster and NHL Network analyst Billy Jaffe tweeted that a multi sports facility will be built on Long Island (in Nassau) with the ground breaking soon. He said full details will be available later this week.
Some fans have speculated that this could serve as a practice facility for the Nets/Islanders. Like with the CBA we will certainly update as more details become available.