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

Thursday, June 11, 2009

Thor speaks to the Daily News

Excerpt -

Speaking publicly for the first time in more than two years, developer Joe Sitt bashed the city's plan for Coney Island, saying construction on it won't even start for more than a decade.

"According to their own mouths, they won't start development on this site for 10 to 15 years," said Sitt, president of Thor Equities. "So assuming the mayor doesn't overturn term limits six more times, we'll be dealing with three mayors from now that will inherit this property."

The feisty comments came at a Daily News Editorial Board meeting and nearly a year after Sitt first began negotiating to sell 10.5 acres of property that stand in the way of the city's vision for Coney Island.

With both parties at an impasse, Sitt yesterday suggested that all deals were off unless the city decides to pony up at least $165 million for the vaunted property.

"It's certainly not for sale at a price where we're going to lose a substantial amount of money," said Sitt. "For the city to think that, we've never understood it, and we have no interest in selling."

City officials yesterday said a longstanding offer of $105 million for the property remains final. City sources also insisted that construction on the site - once it is acquired - would begin as early as 2011, but could take a decade to complete.

http://www.nydailynews.com/ny_local/brooklyn/2009/06/11/2009-06-11_sitt_hitting_the_fan_over_coney_tieup.html

Again, by June 22nd the Parkland proposal is DOA in the State Legislature and the City Council will decide REZONING in August. Thor has all the momentum in the world right now so he would be a fool to sell to the city before REZONING. The course seems very logical. Everything is decided this summer and the property value should be a lot higher after REZONING when Coney has a realistic, reasonable and workable year-round plan.

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