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Coney Island Developer May Buy Thunderbolt Site Too
By
John Del Signore
Published Jan 5, 2009
Modified Jan 5, 2009
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By
John Del Signore
Published Jan 5, 2009
Modified Jan 5, 2009
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With a deal to sell some of his prime Coney Island boardwalk real estate to the city stalled, developer Joe Sitt is moving to snatch up more land in an attempt to build a controversial entertainment-amusement-hotel complex. Kansas Fried Chicken king Horace Bullard tells the Post that he's "leaning toward" selling the former Thunderbolt roller coaster site to Sitt for $91 million. Those three acres would tighten Sitt's grip on most of the land stretching from Keyspan Park to the Cyclone.
Negotiations broke down last year when the city balked at paying the $200 million to $250 million demanded by Sitt for the 10.5 acres of beachfront property. At the end of last summer, the developer declined to renew the lease for Astroland, and the rides at that famous amusement area are finally being trucked out this morning, according to the Coney Island message board. On Christmas Eve Sitt outraged the community by hanging "For Lease" signs on many boardwalk retailers, including beloved dive bar Ruby's.
There's now speculation that Sitt's intention may be to "mothball" the boardwalk until the city meets his demands. But Sitt spokesman Stefan Friedman tells the Post that the Thunderbolt site is being acquired as part of "a back-up plan" to build the Vegas-style entertainment complex if negotiations with the city completely fall apart.
Tagged
amusement
astroland
boardwalk
buy
city
coney island
joe sitt
land
roller coaster
thor equities
thunderbolt
John Del Signore
Originally from the Albany area, John Del Signore has called NYC home since 1995. In addition to his thousands of meticulously-crafted bespoke blog posts for Gothamist, his writing has also been published in The Awl, Deadspin, The Nervous Breakdown, and performed at The Brick Theater in Brooklyn.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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