City Pulls Out Blank Check for Coney Island

New York City is ready to pay to give the beloved Coney Island a new look.

The city is willing to offer Thor Equities, the developer that bought 10 acres of Coney Island property over the last five years, $105 million for the land; that’s $12 million more than Thor paid for it originally, according to the New York Daily News.

The developer asked the city for $250 million for the property in November, but considering today’s tough economic times, the city figured Thor would be happy to profit off the land, which is at the heart of an amusement park the city’s got in the works.

But Thor President Joseph Sitt doesn’t seem so anxious to sell out for a meager $12 million, according to the Daily News. The developer’s lawyer posited a sum that was upwards of $130 million, the paper reported.   

The city has been in talks with Thor to buy the property since 2007. The Coney Island area has been slated for development as a new amusement park, 4,500 new apartments, condos and stores. Unfortunately, an agreement between the city and the developer has been nothing more than an April Fool’s joke.

“I've just been told that the administration has reached an agreement with Thor Equities on the purchase of the amusement area," City Councilman Domenic Recchia said during a hearing. He paused only to add, "April Fools!" 

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