From the Coney Island Development Corporation website:
The B&B Carousell, Coney Island’s last remaining historic carousel, will be restored and relocated to become the centerpiece of Steeplechase Plaza. The 40-horse carousel was acquired by the City in 2005.
B&B Carousell restoration is currently underway. The refurbished carousel will reinstalled in Steeplechase Plaza in a new custom-designed pavilion on the Boardwalk.