Saturday, April 18, 2009

The Ball Is Now In Sitt's Lot

In the continuing game of chicken, the continuing saga in the redevelopment war of Coney Island between the city and developer Thor Equites the ball now fallen in Thor's court or lot how ever you want to call it. The power game over Coney Island is now in favor of Thor Equities. They will have to either take the $105 million that the city is offering in their last bid for the famed seaside area or continue pressing on with his demands to this administration or the next.

The Bloomberg administration has called the final price that the city could afford to obtain the property in Coney owned by Thor Equities.

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."


ConeyRocks said...

Omar - From a business perspective, Thor would be absolutely insane to sell before the Parkland issue is resolved by the end of June or before the City Council vote this summer.

It is quite likely property values would change dramatically after rezoning takes place, and there may very will be other interested buyers besides the the city if parkland does not pass.

Anonymous said...

Fact:Bright boy Sitt overpayed for the land hoping it could get it rezoned for residential.
Fact: The city will not give him his rezoning.
Fact: Bright boy Sitt should cut his losses and sell to the city, that is his only alternative. He will never see his 200% profit he was hoping for. He is lucky someone is giving him back is investment. And Sitt has too many other projects in the city, he should not piss off the city anymore then he already is.

aka Capt_Nemo