City inks Coney Island deal with Joseph Sitt

Bloomberg’s camp and Joesph Sitt have made a deal for seven acres of land at Coney Island

After months of acrimonious negotiations, the Bloomberg administration has agreed to pay developer Joseph Sitt $95.7 million for seven acres of land on Coney Island. Sitt, CEO of Thor Equities, has been locked in a stalemate with city officials over how to best develop the stretch of land. Since he began buying up land there in 2005, many of Sitt’s development plans, including a $1.5 billion Las Vegas style resort, have yet to be built. The acres that the city bought sit mostly along the Boardwalk and include the former home of the Astroland amusement park.