After a year of ultimatums, threats and stop-and-go negotiations, the Bloomberg administration has agreed to pay $95.6 million to a developer for seven acres in the heart of Coney Island, in a crucial step forward for its vision of turning the faded and dormant seaside amusement district into a glittering destination reminiscent of its heyday, according to executives on both sides of the negotiations.
The city’s deal with the developer, Joseph J. Sitt, capped a long standoff between the two sides, with each claiming it had the best plan for the revival of the fabled playground, but neither able to bring those plans to fruition in a deadly real estate market.
The city will announce the deal on Thursday, but the reality of a revived Coney Island remains a long way off.
Mr. Sitt began buying land in Coney Island in 2005, promising a modern, Las Vegas-style resort with hotels and condominiums among the rides. Today, much of the land sits vacant. While the Cyclone roller coaster, the Wonder Wheel and Nathan’s hot dog stand remain, the Thunderbolt, Child’s restaurant and even the Astroland amusement park are gone — cleared away for new ventures that were never built.
More if you click the link to the article above.