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City, Thor Equities May Switch Coney Island Land
By
Jen Chung
Published Aug 7, 2007
Modified Mar 7, 2008
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By
Jen Chung
Published Aug 7, 2007
Modified Mar 7, 2008
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After the Daily News broke news that the city was unhappy with developer Thor Equities' $1.5 billion plan to revitalize Coney Island (an anonymous city official calling the plan "dead in the water"), the Post gets its own tidbit. Apparently Deputy Mayor Daniel Doctoroff is offering to swap some land with Thor to keep Thor in the general Coney Island mix, but not right on Stillwell Avenue.
Under Doctoroff's compromise, Sitt would give the city the 10 acres of boardwalk land he owns along both sides of Stillwell Avenue so that the city could sell or lease it to amusement operators.
In return, the city would give Sitt about 350,000 square feet of land a few blocks west - the parking lot at KeySpan Park and the Abe Stark Rink.
The Post says amusements would saved this way. A Thor source said, "[Thor owner] Joe is up for anything that will get this project going."
Ten acres equals 435,600 square feet, which means Thor would be losing land, not to mention miss being right on the main drag. However, Thor could find it worthy if it can avoid more protracted meetings with city planning, if it's able to build condos or a hotel there, and if the city sweetens the deal more . What do you think will happen?
Tagged
City Planning
coney island
daily news
Daniel Doctoroff
deputy mayor
Deputy Mayor Daniel Doctoroff
keyspan park
mayor
news
parking
real estate
stillwell avenue
the city
the post
thor equities
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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