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

Tuesday, July 21, 2009

NY Observer - Deal with Thor within reach

Excerpt -

With regard to Mr. Sitt, after on-again, off-again discussions, the landlord seems to feel that a deal acceptable to him is within reach, according to multiple people familiar with talks. He is now negotiating with the Bloomberg administration for the city to buy a large portion of his property, leaving him a portion to sell or develop. He paid about $100 million over the past half decade to buy up the bulk of the land in the central amusement area.

http://www.observer.com/2009/real-estate/bloomberg%E2%80%99s-coney-plan-passes-hurdle

Also from the article

This afternoon, the Council’s Land Use Committee voted 13-2 in favor of the rezoning plan, which would turn vacant lots now zoned for amusements into residential; and would allow some hotels, retail and indoor amusements in the central amusement area of the historic, if grungy, entertainment hub.

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