Joe Sitt catching flak over state of Coney Island parcels

Business owners irked by garbage in amusement district lots owned by Thor Equities

TRD New York /
May.May 07, 2014 12:45 PM

Thor Equities owner Joe Sitt is getting complaints about the state of land under the firm’s ownership in the heart of Coney Island’s amusement district.

In the short term, business owners and politicians are concerned that lots along Stillwell Avenue and Bowery Street will remain littered with garbage as the summer tourist season gets underway, the Brooklyn Daily reports. But neighbors also worry about Thor’s long-term plans for prominent parcel of real estate that sits between Luna Park and the soon-to-open Thunderbolt roller coaster, two pillars of Coney Island’s redevelopment.

“The problem with the lots is that they’re dirty, they have garbage. I really wish they would clean them up, cover them, bring in rides, bring in anything that contributes to the neighborhood,” Dick Zigun, founder of Sideshows by the Seashore, told the Brooklyn Daily.

Thor purchased 13 acres of land near the Coney Island boardwalk in the early 2000s and evicted most of the tenants by 2008. To spur development, the city purchased about seven acres of land from Sitt in 2009 for $95.6 million. Much of the remaining land has sat vacant since 2012, when Thor allowed the final lease to expire on lots previously occupied by McCullough’s Kiddie Park.

Coney Island real estate broker Joe Vitacco told the Brooklyn Daily he suspected Sitt is waiting for another buyout from the city.

Thor did not respond to the paper’s requests for comment. [BD] — TRD


Related Articles

arrow_forward_ios
Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

The Chicago condo deconversion craze is dying

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, EDI International, and Azimuth)

The top 10 biggest real estate projects coming to NYC

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

AOC unveils rent regulation plan, Hong Kong real estate stocks are sinking: Daily digest

Introducing ThorLogis, Thor Equities’ ambitious plan to break into logistics and e-commerce

Thor is breaking into the life sciences industry

arrow_forward_ios