Sitt disses existing Coney Island buildings

TRD New York /
May.May 27, 2010 03:30 PM
Joe 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]

 

Related Articles

arrow_forward_ios
Thor Equities’ Joe Sitt and a rendering of 933 Broadway (Credit: Thor)

Thor Equities sues Mactaggart over latest broken deal

Thor Equities sues Mactaggart over latest broken deal
Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Michael Shvo, Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and 530 Broadway

Michael Shvo closes on Soho retail building for $382M

Michael Shvo closes on Soho retail building for $382M
2790 West 5th Street in Coney Island (Credit: Google Maps)

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments

Brooklyn man arrested for claiming to help victims buy Mitchell-Lama apartments
LCOR’s Anthony Tortora and the parking lot at 1517 Surf Avenue (Credit: Google Maps and LCOR)

California teachers get in on Coney Island’s redevelopment

California teachers get in on Coney Island’s redevelopment
Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M
Thor Equities' Joe Sitt and 180 Livingston Street (Credit: Google Maps, iStock)

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ

Brooklyn megachurch sues Thor for “putrid” leaks from Dallas BBQ
494 Broadway and Thor Equities' Joe Sitt (Credit: Google Maps)

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”

Thor faces foreclosure on site where lender says it’s seeking “unrealistic rents”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...