Wednesday, November 11, 2009

City Purchases Chunk of Joe Sitt's Coney Island Property

Today, Save Coney Island spokesman Juan Rivero issued a statement in response to the news that New York City has purchased a key portion of real-estate speculator Joe Sitt’s land in the historic Coney Island amusement area for $95.7 million:

“The City's purchase today of 7 acres of land for a permanent open-air amusement area is a critical first step towards the revitalization of Coney Island. But it is not enough.

“The City's planned outdoor amusement area remains confined to a narrow 12-acre strip of land, squeezed in by a proposed multi-story entertainment mall and blocked off by a wall of proposed high-rise hotels rising up to 27 stories. Until the outdoor amusement area is expanded and the hotels are removed, the City's plan would permanently compromise Coney Island's potential to once again become a world-class amusement destination.

“Unless the City purchases the rest of Thor Equity's land, a large portion of the amusement area will remain subject to the whims of real estate speculation and the future of Coney Island will remain at risk.”

Sources told NY1 that Sitt is keeping the rest of the land to build hotels.

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