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Lastest Coney Twist: City Negotiating to Buy Thor's Land

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We might as well call it "As the Coney Turns" and get it over with. This morning's bombshell news from the Southern Brooklyn Riviera comes via the New York Post that the city "is in serious negotiations to buy 10.5 acres of real estate in Coney Island" belonging to developer Joe Sitt and the he is "ready to give up his" development plans for the amusement district. The news appears to come via Council Member Dominic Recchia who may have gotten the developer and the city to the bargaining table. He says that "God willing, we will get this done soon." The city might cough up as much as $200-$250 million for the land, leaving Mr. Sitt with a profit of far more than $100 million by our calculations. The city would leave Astroland open for another year if it gets the land. Among the reasons Mr. Sitt might fold is that the city already bought part of Wonder Wheel Park, which sits in the middle of his land holdings, a possible third Bloomberg term and the fact that Thor needs city approval for developments it wants in Red Hook and Bensonhurst. Everything is subject to change. Stay tuned for tomorrow's episode of "As the Coney Turns."
· Astroland Hope [NYP]
· Coney Island Redevelopment Coverage [Curbed]