Closing Bell: City Reaches Deal with Sitt for Coney Land
After many months of public brawling, the city and developer Joe Sitt have finally reached a deal for a portion of the land Sitt’s company Thor Equities owns along the Coney Island boardwalk. Sitt began accumulating property in the area four years ago, paying a total of about $90 million for 12.5 acres. His deal…
After many months of public brawling, the city and developer Joe Sitt have finally reached a deal for a portion of the land Sitt’s company Thor Equities owns along the Coney Island boardwalk. Sitt began accumulating property in the area four years ago, paying a total of about $90 million for 12.5 acres. His deal with the city reportedly calls for him to relinquish 6.9 acres for $95.6 million, not too shabby given what the value of land has done since he bought in. Sitt still plans to build hotels and retail on the the 5.6 acres he retains.
City to Buy 7 Acres in Coney Island [NY Times]
Coney Island Land Deal Finally Sealed [Curbed]
City’s Coney Plan Approved, Deal With Sitt Near [Brownstoner]
Council Committee Signs Off on Coney Plan [Brownstoner]
Photo by Billiiie
Given how much city-owned property has lain fallow out there for decades, it’s hard to be confident that this is what’s going to jumpstart revitalization.