City Makes Sitt an Offer He Can Refuse
The City has made its first formal offer to buy 10 acres of land along the boardwalk in Coney Island from Thor Equities’. The offered price of $105 million price is $12 million more than the developer paid for the plots but given that the developer has held portions of the land for as long…
The City has made its first formal offer to buy 10 acres of land along the boardwalk in Coney Island from Thor Equities’. The offered price of $105 million price is $12 million more than the developer paid for the plots but given that the developer has held portions of the land for as long as five years, we don’t think Thor will share the Brooklyn Paper’s assessment of the deal as a “nice payday” given carrying costs and sweat equity considerations. In fact, a lawyer for Thor responded by saying, “Our number is north of $130 million.” Still, this could be viewed as progress. After all, it wasn’t that long ago that Thor’s number was $200 million.
City Makes New Offer for Coney Island Property [NYDN]
City Offers $105 Million to Coney Island Developer [NYT/City Room]
Sitt Consultants Attack City Offer of $105 M [Observer]
Joe $itt Poised to Cash in at Coney [Brooklyn Paper]
Photo by Capt_Nemo
If there was ever an opportunity for eminent domain, this is it!
Is that a Vaughn Bode’ piece in the background?
***Bid half off peak comps***