The New Coney Island - Brooklyn's Times Square by the Sea

Wednesday, June 17, 2009

Observer on Today's Planning Commission Approval

Excerpt -

The plan itself has many hurdles—government funding, the need to attract major investment in an unproven area, a complex zoning scheme that envisions hotel development subsidizing expensive rides—but the most pressing now is Thor Equities, the firm led by landlord Joe Sitt that owns most of the land in the main amusement district. Mr. Sitt, who has previously had the support of Mr. Recchia, is in a standoff with the Bloomberg administration over his land, as the city wants to buy him out. At last check, the two parties were in the neighborhood of $30 to $60 million apart.

As the local council member, Mr. Recchia’s support for the plan is key, as the City Council generally gives heavy weight to the area’s representative on land use issues. While he’s been pushing for the city and Mr. Sitt to reach a deal—and many of his criticisms reflect Mr. Sitt’s concerns with how the plan would affect his property—it’s unclear what will ultimately happen if there is no deal.

There is a simple answer that's easy to see. No deal until after proper rezoning in August. Thor would be nuts to deal before rezoning happens. Keep your eye on Recchia, Savino, Kruger, and Brook Krasny. Parkland deadline is this coming Monday!

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