Will Thor Sell Astroland to the City?

The Post reports that 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." Apparently Thor Equities developer Joe Sitt is "ready to give up his controversial plan to build a $1.5 billion Vegas-style entertainment complex." The Post also points out reasons why Sitt might give up the dream of putting a Las Vegas-like resort in Brooklyn (the city acquired some land necessary for his plans, Bloomberg might be around for another four years), and City Councilman Domenic Recchia seems optimistic, "God willing, we will get this done soon." And if the city gets the land, will Astroland reopen?

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By Jen Chung in News on November 17, 2008 11:03 AM

Comments [rss]

bornbrednewyorker

r1b2 the city ALREADY owns the Cyclone and the land beneath it and is part of the lawsuit from the family who claimed the ride caused a mans death...

Obviously Sitt has no financial investors in his plan so he's doing what he does best, flipping the land to the city at a hefty profit. This is the only scenario that can bring Coney back.

Toby von Meistersinger

They can always eminent domain it away. That would be a good use of eminent domain.

Wza

Gotta agree with the first two posts.

Spirit of 76

Haven't the Astroland rides already been sold? Now all the city has to do is start running the Parachute Jump again.

PnonG

i thought the city and Thor were in bed together on this redevelopment plan, no????

Mr Mel

Coney Island, the Gold Coast? I don't think so.

r1b2

Ahh, the silver lining to the City's economic dismay: it's not cost-effective to try to turn Coney Island into some quasi-Gold Coast. As long as there's a recession (and there is one, kiddies,) the City can actually save Astroland. Then, of course, once City-owned, if someone gets injured on a ride they can REALLY litigate.