Brooklyn, NY – City’s $200-250 Million Real Estate Commitment Will Save Astroland

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    Brooklyn, NY – The Bloomberg administration is in serious negotiations to buy 10.5 acres of real estate in Coney Island that once appeared unobtainable – a move that would save both Astroland Park and the mayor’s plans to revive the slumping seaside amusement district.

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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:

    * The city last month beat Sitt to buying a one-acre property in the middle of the developer’s land. Sitt needed it for his complex.

    * 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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    13 Comments
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    Anonymous
    Anonymous
    15 years ago

    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

    AuthenticSatmar
    AuthenticSatmar
    15 years ago

    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.

    jojo
    jojo
    15 years ago

    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..

    mark
    mark
    15 years ago

    BLOOMBERG ONLY DEALS WITH RELATED PROPERTIES HE IS NOT A S HONEST AS U THINK HE IS

    Anonymous
    Anonymous
    15 years ago

    Why is the city so against his possible development? Wouldn’t such a thing provide more taxes than Astroland?

    Anonymous
    Anonymous
    15 years ago

    He wants to take away our $400.00 tax rebate to buy a kiddy park.

    Anonymous
    Anonymous
    15 years ago

    ” 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.

    Anonymous
    Anonymous
    15 years ago

    sitt will be profiting enormously on this.

    Anonymous
    Anonymous
    15 years ago

    how much did sitt pay for the land???

    Duvid
    Duvid
    15 years ago

    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.