Thursday, November 12, 2009

Turning Point In Coney Saga: City Buys Sitt Land

A major turning point in the Coney Island revitalization saga happened yesterday as the City most of Sitt's hold on Coney Island. Which in the end proves Sitt was who we always thought he was: a speculator. The city has agreed to pay $95.6 million for 6 or so acres of Sitt's land he owned in Coney Island. Most of that is the land in the core of the amusement area including the former Astroland lot. What Sitt still owns in Coney Island is still questionable as what will be the situation there.

Curbed writes:
Nastiness has reigned on both sides, and in the end he'll get $95.7 million in taxpayer skrilla for seven acres, a slightly ridiculous amount given the market value of land nowadays.

The New York Times writes:
Each side claimed victory, though no one wanted to comment for the record before Thursday’s announcement. While Mr. Sitt got much less than the $140 million he had been demanding for 10.5 of the 12.5 acres he owned, the $95.7 million for 6.9 acres came to more than $300 a square foot — a huge amount in the current market. Mr. Sitt, chief executive of Thor Equities, plans to develop hotels and stores in the 5.6 acres he still owns as the city invests in the neighborhood.

Seeking Revival, City to Buy Land in Coney Island [NY Times]
Coney Island Land Deal Finally Sealed [Curbed]
Closing Bell: City Reaches Deal with Sitt for Coney Land [Brownstoner]
Save Coney Island Applauds City’s Land Purchase, but Warns It’s ‘Not Enough’ [Save Coney Island]

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