The Real Deal New York

Marty Markowitz to fund Coney Island theater

April 11, 2013 01:15PM

The landmarked Childs Restaurant in Coney Island is going to be transformed into a 5,000-seat theater with city dollars offered up by Brooklyn’s outgoing borough president, Brownstoner reported.

Marty Markowitz, whose term ends next year, will contribute $48 million from his capital budget to realize his dream of establishing a theater in the beach community; the city had already pledged $10 million for the project.

The developer will be iStar Financial, which will restore the building’s façade as well as expand the old eatery onto a community garden next door. Plans also call for a lush lawn for audiences to enjoy outdoor performances. Construction is expected to take two years.

Last month, real estate investor Ruby Schron bought a retail site in Coney Island for $25 million. [Brownstoner]  –Hayley Kaplan