City offers Sitt $105 million for Coney land

 Joe Sitt (left) and a rendering of Coney Island

Less than 24 hours before a
City Council hearing today on the Coney Island redevelopment plan, the Bloomberg administration offered
developer Joseph Sitt $105 million for 10 acres in Coney Island. The
offer is $5 million less than what the city offered Sitt in November
during settlement talks, and it’s based on falling land prices in Brooklyn. Sitt’s lawyer, Jesse Masyr, said the developer wants more than $130 million for the land. Meanwhile, a coalition of community,
arts and planning groups is upset about a proposal to expand the size
of the retail units in the Coney Island redevelopment plan, saying it
will transform the amusement area into a large-scale shopping district
rather than one for local businesses and amusements.