New York Arena Partners, the Islanders’ partners in the development—which includes Sterling Project Development, a real estate firm run by the New York Mets’ Wilpon family, and Oak View Group, an arena development company funded in part by Madison Square Garden—will finance the project. The group will sign a 49-year lease with the state and pay a total of $40 million in rent. The arena is expected to host up to 150 events per year, including concerts. The plan calls for 435,000 square feet of space of retail stores, restaurants and a movie theater; a hotel with up to 250 rooms and nearly six acres of outdoor recreation space.