With private capital, Westchester’s Playland could see $34M overhaul

TRD New York /
Oct.October 12, 2012 09:30 AM

America’s only Art Deco amusement park, Playland in Rye, N.Y., could see $34 million in capital improvements via a private capital, according to the New York Daily News.

The Westchester County–owned park has been a financial drain on tax payers for years, losing an estimated $3 million to $5 million annually and racking up $18 million in debt, according to County Executive Robert Astorino.

But a letter of intent signed by the partnership, Sustainable Playland, Thursday proposes to add a small water park, a fieldhouse, ballfields and a “Great Lawn” to the park while paying the county at least $1.2 million a year, in exchange to operating rights.

Sustainable Playland’s backers, which have financial ties to the firm that maintains Bryant Park, would pay Westchester County $4 million upfront, and would likely receive a 10-year management agreement. The contract is expected to be finalized in the next 90 days. [NYDN]Christopher Cameron


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
331 Park Avenue South (Google Maps)

Investors accuse Prodigy Network of fraud at troubled Park Ave development

Investors accuse Prodigy Network of fraud at troubled Park Ave development
MCM President Jorge Munilla and a photo of the bridge collapse (Linkedin, Getty)

Contractor involved in deadly Miami bridge collapse alleges design firm botched review

Contractor involved in deadly Miami bridge collapse alleges design firm botched review
Tom Barrack and Mahmood Khimji (Getty)

Colony sells most of its hotel biz to Highgate in $2.8B deal

Colony sells most of its hotel biz to Highgate in $2.8B deal
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
arrow_forward_ios

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

Loading...