The Bloomberg administration will spend $95.7 million in taxpayer money to purchase 6.9 acres of land in the Coney Island amusement district from millionaire developer Joe Sitt. The deal, which will be officially announced tomorrow, marks the end of a long stalemate between the city and Sitt, who is widely reviled in Coney Island for buying up property, evicting longtime tenants, and letting prime real estate remain vacate as way of essentially blackmailing the city into meeting his demands. Sitt had originally proposed a $1.5 billion Las Vegas style resort, with condos and shopping, but the Bloomberg administration had plans of their own.


