The city’s fantasy of building a new Coney Island amusement park has taken a step toward reality.
After years of negotiations, the Bloomberg administration is to announce today a $95.6 million deal to buy 6.9 acres along the boardwalk from developer Joe Sitt. The city reportedly expects to choose a developer to build an amusement park there within weeks.
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Sitt’s Thor Equities had bought 10 acres of Coney for $92 million and asked $165 million for the property last year, rejecting the city’s $105 million offer. Sitt will remain the area’s largest private landowner after the city purchase and is expected to build high-rise hotels.
“It’s a step in the right direction,” said Dianna Carlin, who was booted by Thor from her boardwalk Lola Staar Souvenir Boutique this year. “It leaves a huge question: What will Thor do with that land.”