August 24, 2007
Astroland Negotiations For 2008 "At a Standstill"
Astroland's stay of execution may have hit a snag. While there were hopes that Thor Equities, the developer who has purchased the amusement park for $30 million as part of its ambitious Coney Island development plans, and Astroland operators could work out a deal, the Post reports that Thor is looking for an increase on the order of 17 times the current rent.
That means the park operator would have to pay $3 million for the 2008 season, and naturally, the operator prefers to pay its usual $170,000 rent. The Post explains that the higher rent is to recoup the $30 million laid down for the park. This comes as some city officials say Thor's $1.5 billion plan is dead in the water (though there may be potential for Thor to switch land).
Astroland's current lease is up on September 8. They tell the Post that the "ball is in [Thor's] court." And Kinetic Carnival notes that AOL Travel has Coney Island on its list of top ten amusements parks but warns people that it may be the last season.
Photograph by aveoree on Flickr
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>That means the park operator would have to pay $3 million for the 2008 season, and naturally, the operator >prefers to pay its usual $170,000 rent.
Wow, I thought my rent increase was high!
Ibrahim
www.BehindtheApprovalMatrix.com
I was at the Coney Island Sideshow last night to see my friends Tigger and Scotty the Blue Bunny. The sideshow closed on their building yesterday. Yay!
I really hope that something can be worked out. It would be a shame to see Astroland go.
I love Scotty the Blue Bunny!! Thor is doing Brooklyn and injustice!!
Me too! He's a big furry bunny, and sadly, he's moving to Sweden on September 1. Got some performance grant, will be gone for a while. Good excuse as any to take a trip to Sweden soonish.
Hard to find a more bitter landlord, probably -- we thought Thor was the one driving the hard bargain. But the failing investment, combined with the bad publicity from any impediment to reopening in '08, means Thor finds itself in an unexpected position of weakness. HAHAHAHA - greedy suckers. No guarantees.
Good luck to Thor and their plan on trying to find people to take luxury condos on Coney Island, also known as "Fifty-dollar cab ride home from Manhattan." On top of that, can they spell NATIONWIDE SUBPRIME CRISIS? Thor is going down.
The Astroland people got $30 million for the property?? The way they've been crying in all the papers about how upset they are they "had to sell," they should be happy to give back $3mill. That still leaves them with $27 million...which is $27 million more than I have :)
Carol Albert is a sellout. 30 million dollars richer than most of us. Screw her for sealing Astrolands fate.