Some city officials say they believe developer Joseph Sitt of Thor Equities, who plans to build a massive new amusement complex on Coney Island as well as luxury housing, will sell off his valuable beachfront holdings in the area if the city doesn’t allow him to construct the residential portion of his plan. “The guy has a track record of flipping land for big bucks,” said one source close to the project. “He’s done it already in Coney Island and other Brooklyn projects like [Downtown Brooklyn’s] Albee Square Mall, and who’s to say he won’t play the city again?” Last month, Amanda Burden, chair of the Planning Commission, said that Thor Equities’ plans to build a high-rise, 700-unit luxury condo was “incompatible” with the area’s amusement zoning. more [Post]
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City airs Coney Island concerns
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