Thor shown the door?
New York City is negotiating to buy 10.5 acres of real estate in Coney Island that once appeared unobtainable. If successful it would both save Astroland Park and enhance the mayor’s plans to revive the slumping seaside amusement district.
Developer Joe Sitt of Thor Equities is reportedly ready to give up his plan to build a $1.5 billion Vegas-style entertainment complex, and instead sell all of the beachfront land he’s purchased back to the city. By purchasing Sitt’s land, the city would also become owner of the 3.1-acre Astroland park, which is the process of closing because Sitt failed to renew its lease.
In anticipation of the City’s acquisition, the Coney Island Development Corporation (CIDC) attended the recent IAAPA Attractions Expo in Orlando to secure information and make contacts it hopes will help with the future provision of amusement attractions at the famous Brooklyn site. As part of a comprehensive rezoning plan for Coney Island, the City has proposed mapping nine acres as parkland.
It is hoped a world-class amusement park can be created as the centrepiece of a 60-acre redevelopment effort by the City. This would give the city and the park’s long-time operator, Carol Albert, much-needed time to find a nearby Coney Island boardwalk site to relocate the fabled 46-year-old park.
A deal between Sitt and the city, however, must be reached soon because Albert
