Thursday, January 03, 2008

Thor Watch

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:
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.
Read the rest of the article here.

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.


- post by Ben Nadler


Anonymous said...

And under the city plan, having Coney developed in 20 years is not an insult to Brooklyn? A community that desperately needs jobs and a year round economy and the city comes in with an announced 10-20 YEAR PLAN?

Get real.

Anonymous said...

there you go again Bruce, misinformation from start to finish.

a) It MAY take 20 years for everything that city wants to do to happen, but if Thor realized the tide is against them, you could see building in a couple of years.

b) For the record Bruce, how long does it take you to get to work? Do you walk in a couple of minutes? To hide behind the false idea that every community needs to have jobs for all its citizens harkens back to the middle ages and city states. It also unravels the reasons the city of Brooklyn incorporated all the small towns like Gravesend, and even Brooklyn getting incorporated into the city of New York.

Your the one that needs to get real :)