Friday, December 18, 2009

City Closes Deal On Almost Half Of Thor's Coney Land

Though this still does not put Joe Sitt and Thor Equities out of Coney Island completely, it does make a change for the better. The city now has the opportunity to modify their plan for the main amusement core in Coney. Let's see if they now turn around and make the needed changes to the oxymoron parts of their plan.

Here is the press release from Thor Equities press rep.; Stefan Friedman:


Thor Retains Nearly Half of its Coney Parcels, Will Remain Largest Private Landowner in Amusement District

Plans to Develop Hotels and Retail as Part of Revitalization of ‘People’s Playground’

(BROOKLYN, NY): Thor Equities and the City of New York have officially closed on the sale of 6.9 acres within the amusement district of Coney Island, officials from Thor Equities announced today. The deal allows Thor to retain nearly half of its parcels in Coney Island.

"Today marks a new beginning for Coney Island and the culmination of a lot of hard work," said Joseph Sitt, Chairman and CEO of Thor Equities. "In the end, we all wanted the same thing: to return Coney Island to its historic grandeur and prosperous past. The sale of half of our land allows the City to move forward with its vision and for Thor to continue to be an integral part of Coney’s future. Now it’s time for all of us to come together and get back to work in restoring the People’s Playground to its prominent position as the preeminent amusement and entertainment destination in the world."

The sites sold comprise approximately 300,000 square feet of land, mostly within approximately 9-acres of planned parkland located between KeySpan Park and the landmarked Cyclone roller coaster along the boardwalk, where the City plans to develop an outdoor amusement park as part of its 27-acre amusement and entertainment district.

As part of the deal, Thor Equities will retain roughly six acres in Coney Island, enabling the company to join the City of New York in a dynamic partnership. As the city works to attract the best of the best in amusements, Thor intends to build new hotels and bring in new retail stores and services to the region as soon as infrastructure improvements are made by the city that will help put Coney back at the top of tourist destination spots.

All these elements will help spur economic growth and deliver year-round jobs for Coney Island the people of New York.

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