Tuesday, December 05, 2006

Thor's Hammer Smells Like Fish!

Photo by NYC Tom's (Flickr.com)

Many Coney denizens and locals have been and scrutinizing Thor Equities's real plans for Coney Island with many conspiracy theories about what's really going on. As Courier Life reported: Several city officials including some on the city-created Coney Island Development Corporation (CIDC) are becoming skeptical of Sitt's Thor - or at least publicly doing so. And one, on condition of anonymity.

A theory that is becoming predominant is of "flipping". Sitt has a reputation for buying properties and then marketing them as something else, before “flipping” them for a large profit. As they did when they bought the former Washington Bathhouse House building at 2015 Boardwalk West in 2005 and sold it a little over a year later for a hefty $77 million profit.

CIDC President Lynn Kelly has announced that they will stay the course and see
to it that whoever and whatever is built in Coney will follow their guidelines for the enhancement of a year-round destination to facilitate the best economic growth and opportunities for the local community. She also states that any rezoning demands extensive amount of analysis. "Coney Island is unique in it has big and little picture issues that are very complicated,” Kelly said.

“This is history making. We don’t want to do anything in a vacuum and want to be thorough and transparent in our approach. I can understand why a landowner might want to say go faster, but what is paramount is to stay true to the vision,” she added.

Though her words may sound comforting for those who have been skeptical, they are not enough to convince the theorists of the probability that Thor is playing with a fishy hammer. Or for that matter that the city has their hands in the net as well. It would be interesting to see what realities surface as more develops.

Coney Under Thor’s Hammer [Courier Life]
Is Thor Coney Ticking Off City Officials? [Gowanus Lounge]

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