The Real Deal New York

Sitt disses existing Coney Island buildings

May 27, 2010 03:30PM

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alternate textJoe Sitt of Thor Equities and Coney Island

Developer Joe Sitt, owner of most of the properties along Surf Avenue on Coney Island, wants to build hotels on the historic space,
NY1 reported. Last year, he made headlines when he sold the city seven acres of land for nearly $96 million, that has become a new Luna Park. Now Sitt, Chairman and CEO of Thor Equities, wants to build two new hotels in the neighborhood, one with a kids’ theme, and the other with an indoor water park, to make Coney Island a year-round destination. Though critics argue that many of the Sitt-owned buildings should be saved because of their historical value, Sitt disagrees. “Every one of these buildings is just horrible, rundown relics with nothing exciting about them,” he said. “I hate to say it, but the great buildings of Coney Island disappeared 80 years ago.” But the hotels are long-term plans. For the 2011 to 2012 seasons, Sitt says he’ll tear down the Surf Avenue properties and put up a temporary one-story entertainment complex.
[NY1]

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