Sitt says Coney land isn’t for sale

Developer Joseph Sitt, chairman and CEO of Thor Equities, said
yesterday that his Coney Island property is no longer for sale and that
he, not the city, should be rebuilding the seaside area. The city wants
to buy the land so it can move forward with a 47-acre rezoning that
would include a new 27-acre amusement district. The city made a $105
million offer this year, but Sitt said expenses associated with the
planned redevelopment have put his costs at $150 million. Although the
city has said it does not want to take Sitt’s land through eminent
domain, the rezoning plan allows for it.