Coney developer could wait out Bloomberg

Joseph Sitt, owner of 11 of 15 acres in the Coney Island amusement
district, is reportedly planning on holding out until the end of Mayor
Michael Bloomberg’s administration, who opposes Sitt’s plan to develop a Las Vegas-style
resort, leaves office. Bloomberg instead wants to acquire the land and
pick a different developer. To raise cash, Sitt’s Thor Equities
reportedly could be selling a Downtown Brooklyn parking garage that it
bought from the city in 2004. Thor can’t sell the five-story,
245,185-square-foot garage at Bond and Livingston before 2009 without
city approval.