Today's New York Post contained an article about some recent maneuverings by Joe Sitt of Thor Equities. As usual for the Post, the article was goofily headlined, but the information in the article itself was quite interesting:
Read the rest of the article here.
A controversial developer caught in a game of chicken with the Bloomberg administration over Coney Island's future wants to circumvent a city contract so he can reap hefty profits - and much-needed cash - from a Downtown Brooklyn parking garage, The Post has learned.
The move is fueling concern at City Hall that developer Joe Sitt wants to boost his cash-in-hand in preparation for a long holdout over Coney Island - at least until after Mayor Bloomberg leaves office in 2010.
Sitt's plan to sit out the city is mere speculation at this point. However, considering his track record as a developer, and his company's public objections to the city's redevelopment plan, it seems quite plausible. If this is his plan, it would means that he's condemning the Coney Island amusement area to two more years of limbo, simply to increase his chances of turning a huge profit. Sitt has every right to negotiate with the city on a plan, but to just sit the situation out until the tide turns would be extremely disrespectful to the community of Coney Island, which will there for the next two years, regardless of what happens. CONEY BIZMAN'S 'PARKING $PACE' [New York Post]