Thor and City Close on Coney Deal

So ends one of the great development grudge matches of the last few years: The city and Thor Equities have closed on their Coney Island agreement. The deal was recorded in public records today and confirmed by a press release. Thor sold the city 6.9 acres of land for $95.6 million. From Thor’s press release: “Today marks a new beginning for Coney Island and the culmination of a lot of hard work,” said Joseph Sitt, Chairman and CEO of Thor Equities. “In the end, we all wanted the same thing: to return Coney Island to its historic grandeur and prosperous past. The sale of half of our land allows the City to move forward with its vision and for Thor to continue to be an integral part of Coney’s future. Now it’s time for all of us to come together and get back to work in restoring the People’s Playground to its prominent position as the preeminent amusement and entertainment destination in the world.” Thor still controls about 6 acres of Coney land where the company says it’s going to build hotels and retail.
Closing Bell: City Reaches Deal with Sitt for Coney Land [Brownstoner]
Photo by ninabradica