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

Thursday, August 27, 2009

Bay News - City /Thor deal very close for 6 Acres

Excerpts -

Fundamentally the deal is done,” Bloomberg said during a frank discussion over borough issues with this paper and its parent company, Community Newspaper Group, at our MetroTech headquarters. “It is very close to being completed.”

In late July, the City Council passed the rezoning of Coney Island, creating a 27-acre entertainment district between Surf Avenue and the Boardwalk. Just under ten of those acres would be devoted exclusively to amusements and arcades, city officials said.

The new zoning also allows for high rise hotels on Surf Avenue and 4,500 apartments north and west of the new district area.

The only fly in the city’s ointment was Sitt’s Thor Equities who owned ten acres of seaside land -- six of which stood smack dab in the middle of Bloomberg’s plan for the area.

For over the last year, the city has been in negotiations to purchase the six acres from Sitt. While the developer spent more than $90 million to initially purchase the land, the city was offering over $60 million for the areas they needed, according to the New York Times.

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