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Brooklyn, NY - City's $200-250 Million Real Estate Commitment Will Save Astroland |
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Developer Joe Sitt is ready to give up his controversial plan to build a $1.5 billion Vegas-style entertainment complex, which the mayor wants no part of, and instead sell all of the beachfront land he's purchased to the city.
"God willing, we will get this done soon," said Councilman Domenic Recchia Jr., who convinced both Sitt's company, Thor Equities, and the city to go to the bargaining table and is helping broker the deal.
While a price is still being negotiated, it is expected that the city would have to shell out $200 million to $250 million for the land, sources close to the negotiations said.
Recchia said the mayor wants the deal done quickly so the city can finally get going on Bloomberg's 47-acre rezoning plan for Coney Island, which includes building a nine-acre amusement park.
By purchasing Sitt's land, the city would become owner of 3.1-acre Astroland Park, which is the process of closing because Sitt failed to renew its lease.
Recchia said the mayor "is committed to bringing back Astroland," at least for next summer.
A Sitt spokesman declined comment, but sources said the developer had a change of heart and is willing to give up his two-year game of chicken with the administration over the future of Coney Island for several reasons:
* With the City Council revising term limits, Bloomberg is no longer a lame duck. Sitt had counted on taking his chances with a new mayor.
* Sitt needs city backing for major development projects he's pushing in Red Hook and Bensonhurst, so he's trying to smooth his relationship with the administration by working out a deal in Coney Island.
If a deal can't be reached, Sitt plans to operate a temporary flea market and amusements next year.
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Read Comments (13) — Post Yours »
1
Nov 17, 2008 at 08:42 AM AuthenticSatmar Says:
And then there are those that believe that this was his plan all along. He bought it up on the cheap and is going to sell it for a 150+ million profit.
2
Nov 17, 2008 at 08:39 AM Anonymous Says:
and the main reason that you forgot to write is in a market like today i am sure that sitt can use the infusion of cash and profil that he will make when the city will buy his land
3
Nov 17, 2008 at 09:02 AM Anonymous Says:
Why is the city so against his possible development? Wouldn't such a thing provide more taxes than Astroland?
4
Nov 17, 2008 at 08:53 AM mark Says:
BLOOMBERG ONLY DEALS WITH RELATED PROPERTIES HE IS NOT A S HONEST AS U THINK HE IS
5
Nov 17, 2008 at 08:52 AM jojo Says:
I think its a bit wrong of the city to pickup that one acre parcel in middle of the development and then hold him hostage, while they themselves have eminent domain rights...It should be a two way street..
6
Nov 17, 2008 at 09:38 AM Anonymous Says:
He wants to take away our $400.00 tax rebate to buy a kiddy park.
7
Nov 17, 2008 at 09:48 AM Anonymous Says:
" With the City Council revising term limits, Bloomberg is no longer a lame duck. Sitt had counted on taking his chances with a new mayor."
Sounds like Bloomberg has the next term in his pocket. He sure does not have my vote.
8
Nov 17, 2008 at 11:20 AM Anonymous Says:
sitt will be profiting enormously on this.
9
Nov 17, 2008 at 11:26 AM Anonymous Says:
how much did sitt pay for the land???
10
Nov 17, 2008 at 02:42 PM Anonymous Says:
“ how much did sitt pay for the land??? ”
12 million, nice deal ,lechaim
11
Nov 17, 2008 at 04:02 PM Anonymous Says:
“ 12 million, nice deal ,lechaim ”
The Albert family sold the 3.1-acre Astroland property to Sitt's firm Thor Equities in 2006 for $30 million, but negotiated last year's deal to squeeze in at least one final go-round for Astroland and its employees, many of whom are neighborhood residents with years of service.
AND THATS ONLY ASTROLAND THATS 3.1 ACRE HE IS SELLING THEN 10.5 SO WE DONT KNOW EXACTLY WHAT HE PAID & IF ANYONE KNOWS THEN LET ME KNOW I AM CURIOS
12
Nov 17, 2008 at 05:51 PM Anonymous Says:
“ He wants to take away our $400.00 tax rebate to buy a kiddy park. ”
we all ask the same why why and why again??
he wants to cut police force
he wants to charge plastic bag tax
he wants all the tax he can get
for this and other investment what for?????
well on the friday radio show 710 he said we will see big return in 20-30 years
oh please bloomberg get a life
13
Nov 17, 2008 at 05:44 PM Duvid Says:
Mr. Joe Sitt is a very special person that gives lots of charity Son of Mr.Jack Sitt A"H that donated the sephardic mikveh in flatbush
I am very pleased that Mr. sitt will make money & i am sure that he will give loads of charity to yeshiah's & to important charities.
The sitt Family are well known with their soft like butter hearts that help people at all times.