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Coney businesses ready for change

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This is likely to be the last season many small businesses operate at Coney Island as Thor Equities prepares to build its proposed $2 billion amusement park and condo development. Even if Thor renews leases for mom-and-pop boardwalk vendors after this year, higher rents will probably mean many smaller stores can’t afford to stay. Some small business owners who operate on the boardwalk say Thor’s proposed development will forever alter the world-famous beachfront destination’s character, especially its amusement district. “After one summer or two, they’re going to shut the beach on the poor people,” says Manny Cohen, the owner of the Coney Island Arcade. “There is no way Thor can afford to open an amusement park after the price they paid for the land. It’s all a [hoopla]. They’re going to make it look like Las Vegas.” more [Gotham Gazette]

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