Thor Gets Tough With The City
"The Coney Island project isn't a financially feasible investment", declares Lee Silberstein, spokesman for Thor Equities, " without the inclusion of high-rise housing along Stillwell Avenue just off the fabled seaside boardwalk", he adds.
The city and the economic development corporation are standing firm on their ground to protect Coney's amusement area. "Our priorities remain to preserve and enhance Coney Island's historic amusement area, make sure it stays open to the public and create economic opportunities for local residents - and we have serious concerns that a predominance of residential towers . . . would work against those goals." said a spokesman for the city's economic development corporation.
Thor doesn't want to hear it and has raised their hammer up to the city, threatening them with having them lose their biggest private investment in Coney's future. "Everybody wants Coney Island to be revitalized, and housing has got to be part of it," Silberstein told the New York Post.
As the Post reported:
Chuck Reichental, a member of the agency that will determine how Coney Island is rezoned, said a majority of residents opposes housing in the amusement district as well as any new development exceeding the height of the 262-foot landmark Parachute JumpThis may be the start of a battle between Thor and the city. The next few steps will show if the city will stand firmly in defence of amusements or yield to Thor Equities.
City Threat To Beach Coney Island Revamp [NY Post]