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

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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Meyer Orbach with One and Two Sutton Place North (CityRealty)
Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
Meyer Orbach, Josh Gotlib close on $850M of Solow apartments
56 Middagh Street and 50 Bridge Park Drive #20B (Streeteasy, Quay Tower BK, Getty)
Brooklyn Heights townhouse, Quay Tower score borough’s biggest contracts
Brooklyn Heights townhouse, Quay Tower score borough’s biggest contracts
From left: Wafra’s Fawaz Al-Mubaraki and The Westover Companies’ Guntram Weissenberger with 138 East 12th Street (JLL, Getty, Wafra, The Westover Companies)
Wafra sells East Village’s The Nathaniel for $57M
Wafra sells East Village’s The Nathaniel for $57M
15 East 90th Street and 325 West Broadway (Getty, CityRealty, Streeteasy)
Thanksgiving-week buyers gobble up 15 luxury Manhattan homes
Thanksgiving-week buyers gobble up 15 luxury Manhattan homes
Garden Communities' Brett Tanzman with 800 Sylvan Avenue (Loopnet, Getty, Rutgers)
Development underway on former Unilever hub in Englewood Cliffs
Development underway on former Unilever hub in Englewood Cliffs
arrow_forward_ios

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

Loading...