Wednesday, January 31, 2007

Thor Gets Tough With The City

photo by rosemanios (

All the hype in advertising what the glitzy new Coney Island will be, may all end up washed ashore before a single component even gets blue printed.

"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 Jump
This 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]


Anonymous said...

Coney Island is just a big disappointment because of the city. Take a look at resorts everywhere , just about all of them have housing in amusement areas. I guess the city will screw it up and this again will be a no go. I'm use to all the big news and at the very end it collapases i lived in coney island since i was born

Anonymous said...

$2 billion in infrastructure upgrades spent on Coney Island over the past 10 years, most of the R7 properties are now consolidated under two ownership umbrellas, and Thor wants to back out if they don't get Stillwell rezoned for residential?

Sorry, but this train is moving ahead with or without Thor, now.

Anonymous said...

I have seen two other indoor kiddies ride places be converted into paid public storage is that sad indeed.
I grew up with Coney Island as a kid, & missed the stupid laughing fit, from a witch ?, that goes on & on. & the loud music blaring from the then hit "TSOP" &/or something other hits like that. C.I. can always be improved upon with more ridiculous attractions added on. Or other many electronic gadgets the adults can "go - see ".
Maybe C.I. does not make money because many of us poor saps have to make sure we go to work just to survive another month!. Then, it means the govt have yet, & must, to subsidize this important historical landmark....forever !! ;- ).
Coney Island just cannot go !!
It comes with the long stretch of beaches, & not far away is another beach in Manhattan beach. If we are bored with the beach stuff, to cool down w/o being that overcrowded, then we can go eat & have a few rides, or other can anyone not be refreshed by this very small aspect in their lives, even a few times in their life time, for that matter ??

Anonymous said...

Well let's all stop and think about this for a second...what is one of the great attractions for the people living in Coney Island? THE VIEW!! If you start putting up high-rises where only the wealthy can afford to live, what happens to the poor saps already residing there? Because they don't earn enough money means they don't deserve a nice view??? One other thing, once you put up the waterfront condos and people move in, how long before they complain about the noise and mess in front of there view? You're not going to spend a mil without requesting some private space and Coney Island is a PUBLIC BEACH!! They need to come up with another way without hurting those who don't earn a million plus a year!