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Coney Island Proposal Retooled

Posted18/Jun/2007 19:20:00

Joseph J. Sitt, CEO of Thor Equities presented an updated verion of his company's plan for the development of Coney Island's amusement district. The $1.5 B plan, ostensibly changed from the previous version (read below for the principal changes) according to the feedback received, includes an amusement area and three hotels.

As far as the changes are concerned, those were mostly related to the residential component of the plan. Gone is the 40-story tower planned for the Boardwalk at Stillwell Avenue and so are "hundreds of rental apartments and luxury condominiums" of the original plan. Instead of those, the company now wants to construct three hotels (ranging from 25 to 32 stories) which will include hundreds of time-share units.

The skeptics are ummm.. skeptical, on various points of the proposal. Some are complaining about the proposed building heights. The NY Times piece quotes Robert Lieber, president of the city’s Economic Development Corporation as describing the new plan, somewhat metaphorically, as a "wolf dressed up as a sheep."

NY Times reports that Thor Equities is asking the city to subsidise at least $100 M of the project's costs.

Sources and Links

  1. Coney Island Plan Is Scaled Back, but Critics Are Skeptical (NY Times)
  2. Brooklyn Community Board 13 (South Brooklyn)
  3. Profile of Joseph J. Sitt, CEO of Thor Equities (Crain's New York Business)

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