New York's Coney Island Makeover Moves Forward

New York City's planning commission recently approved a plan to revitalize Coney Island.
June 20, 2009, 7am PDT | Nate Berg
Share Tweet LinkedIn Email Comments

The commission voted 12-0, with one abstention. Protesters have opposed the plan and are calling on officials to amend it to include more affordable housing and more permanent jobs.

"While the city's plan has now smoothly entered its final approval stages, there still is at least one big hitch. In order to implement its vision, the city still needs to purchase a large tract of land on the Coney Island boardwalk. Joseph Sitt and his company, Thor Equities, which owns 10.5 acres of land there, have rejected several offers by the city to purchase the land citing low offers. Mr. Sitt paid $93 million for the land about five years ago. That impasse continues."

Full Story:
Published on Thursday, June 18, 2009 in Crain's New York Business
Share Tweet LinkedIn Email