City acquires first parcel in Coney Island

The city’s Economic Development Corp. announced today it has bought one acre of land in the Coney Island amusement core for $11 million from Ward Realty Corp. The Ward family is the oldest landowner in Coney Island. This is the first deal of what the city expects to be a series of land acquisitions in coming months in its plan to create a 12-acre, year-round entertainment district in Coney Island. The current tenant, Wonder Wheel Park (which has the landmarked Wonder Wheel), maintains a lease to operate on the property through 2020, and the property falls within the nine-acre planned parkland in the district. With this acquisition, the city now owns four acres in the Coney Island footprint. TRD