The Bloomberg administration is in serious negotiations to buy 10.5 acres of real estate in Coney Island that once appeared unobtainable – a move that would save both Astroland Park and the mayor’s plans to revive the slumping seaside amusement district, The Post has learned.
Developer Joe Sitt is ready to give up his controversial plan to build a $1.5 billion Vegas-style entertainment complex, which the mayor wants no part of, and instead sell all of the beachfront land he’s purchased to the city.
“God willing, we will get this done soon,” said Councilman Domenic Recchia Jr., who convinced both Sitt’s company, Thor Equities, and the city to go to the bargaining table and is helping broker the deal.
While a price is still being negotiated, it is expected that the city would have to shell out $200 million to $250 million for the land, sources close to the negotiations said.
Recchia said the mayor wants the deal done quickly so the city can finally get going on Bloomberg’s 47-acre rezoning plan for Coney Island, which includes building a nine-acre amusement park.
By purchasing Sitt’s land, the city would become owner of 3.1-acre Astroland Park, which is the process of closing because Sitt failed to renew its lease.
Recchia said the mayor “is committed to bringing back Astroland,” at least for next summer.
A Sitt spokesman declined comment, but sources said the developer had a change of heart and is willing to give up his two-year game of chicken with the administration over the future of Coney Island for several reasons:
* The city last month beat Sitt to buying a one-acre property in the middle of the developer’s land. Sitt needed it for his complex.
* With the City Council revising term limits, Bloomberg is no longer a lame duck. Sitt had counted on taking his chances with a new mayor.
* Sitt needs city backing for major development projects he’s pushing in Red Hook and Bensonhurst, so he’s trying to smooth his relationship with the administration by working out a deal in Coney Island.
If a deal can’t be reached, Sitt plans to operate a temporary flea market and amusements next year.
(Source: NY Post)
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4 Responses
Why is the administration wasting our money buying a decrepit old amusement park?
It’s only decrepit if you don’t fix it up. You most be one of those slum lords. You think that if it’s not an apt. building or condo, it’s worthless. Mr. millionaire Bloomberg is not so stupid. He realizes that if you put money into Coney Island, which includes the amusement park, it becomes a major tourist attraction. A lot of people in NY live off the tourist economy, except you slum lords.
Boruch Hashem my kids will have where to go on Chol Hamoed
You obviously havent been to Astroland. Its not closing for lack of business but because of the greed of Mr. Sitt. Now the thousands of families who do go there will be happy again.