The Bloomberg administration has called the final price that the city could afford to obtain the property in Coney owned by Thor Equities.
The New York Daily News reported:
Talks to buy coveted property standing in the way of a city plan to redevelop Coney Island have come to a halt.
"The bottom line is we can only pay so much - that's it," Bloomberg said, referring to an offer of $105 million for 10.5 acres of property that developer Thor Equities owns. "The city does not have unlimited money."
The offer is significantly less than the $250 million Thor officials floated in November for the property - and $5 million under the city's last offer, officials said.
"We don't have enough classrooms; we don't have enough clinics; we don't have enough infrastructure things," Bloomberg said yesterday. "Government is about making choices and setting priorities, and this is our priority."