City wants to buy 11 acres in Coney Island

November 17, 2008 12:30PM
Coney Island

The Bloomberg administration is in negotiations to buy 10.5 acres of land in Coney Island, which developer Joseph Sitt of Thor Equities is offering to sell instead of building the $1.5 billion Vegas-style entertainment complex he had planned. Sitt is expected to charge $200 million to $250 million for the land. If the deal goes through, the city would become the owner of Astroland Park, which is in the process of closing, in addition to other parcels of land in Coney Island. The city would also be able to proceed with Bloomberg's Coney Island rezoning plan, which includes an amusement park.
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Comments

Anonymous

Anyone know if Joe sitt will be making money at the end of this? What did he pay for the land and how much did he lose over the past couple of yrs?

Comment #1 Posted By: Anonymous 11/17/08

Anonymous

Land prices are headed to zero (not literally but you get the idea) - why is the city buying up these huge parcels (Coney Island - Willets Point) - don't they get it - prices are too high right now and that's why no one else will buy them.

Comment #2 Posted By: Anonymous 11/17/08

Anonymous

I am going to watch this closely and hope the deal (if one happens) is the same deal the seller would take if he were buying. I like Mike Bloomberg but I am not happy with some of the things I have been hearing lately. Sincerely, The Watch Dog (who know real estate and negociation like the back of his paw).

Comment #3 Posted By: Anonymous 11/17/08

Ares

$546 per foot? In this market? Lock the SOBs up (from both sides) if they do such a deal. Then take back your city...from the crooks on the next election!!!

Comment #4 Posted By: Ares 11/17/08

ImRNgJBTZjkWiLXHF

270_96.txt;8;12

Comment #5 Posted By: ImRNgJBTZjkWiLXHF 11/17/09

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