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

Thursday, July 16, 2009

NY Observer - Lots of Negotiations

Excerpt -

At the center, still, is Joe Sitt, the chairman of landlord Thor Equities who owns about 5 acres of land in the central amusement district that the city wants to control. He and his team have been meeting with top officials at City Hall for three straight days now in an attempt to strike a deal where the city takes a portion of or the entire piece of land. At least as of earlier Thursday afternoon, there was no deal. The local councilman, Domenic Recchia, has long been pressing for a resolution on this issue before a City Council vote.

There are the labor issues, as a large set of unions (32BJ; the Hotel & Motel Trades Council) each wants wage and other guarantees over future development, and, while everyone involved seems to think deals are likely, they aren’t there yet.

“Everything is fluid,” a union official involved in the discussion said. The Council is responsive to these concerns, particularly as election season nears, when union endorsements can be very helpful in contested elections.

There’s ACORN, the housing group, which is in the midst of negotiating a deal with the city over below-market-rate housing in the area.

http://www.observer.com/2009/real-estate/talk-no-short-supply-vote-nears-coney

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