Astroland to return for another year

After months of talks that grew ugly at times, the developer seeking to transform the Coney Island waterfront granted Astroland Amusement Park a one-year reprieve yesterday.
Astroland and Thor Equities agreed to a one-year lease extension that would keep the storied park open until September 2008. The park did not know its fate on Sept. 9 when it closed for the season. All Astroland rides will reopen March 16.

“Astroland is very pleased that its 300 employees will continue to have jobs, and we want to thank our many supporters and fans who worked so hard to keep Astroland open,” Carol Hill Albert, the park’s co-owner, said in a statement.

Thor is planning a glitzy $1.5 billion development that will include a new amusement park, water theme park, hotels, time-share units and retail shops on 10 acres between West 10th and West 15th streets. Astroland, which opened in 1962, sold its 3.1 acres to Thor last November for $30 million.

When Astroland closed, Albert said Thor was asking for $3 million in rent for 2008; the amusement park paid $180,000 this year. Astroland spokesman Joseph Carella would not disclose financial terms of yesterday’s agreement. Thor spokesman Stefan Friedman could not be reached for comment.

Astroland’s Cyclone roller coaster is not endangered by Thor’s redevelopment because it, along with the separately owned Wonder Wheel and Parachute Jump, has landmark status.

For the developer’s project to move forward, the city must rezone the land. City officials, who are adamant about protecting Coney Island as an amusement destination and have blasted Thor’s plan to add time-shares, expect to issue zoning recommendations this fall. The approval process should take about a year, meaning Thor cannot begin construction until next fall at the earliest.

“Thor is fully committed to keeping amusements and games as part of the fabric of Coney Island for decades to come, and today’s agreement … represents the first step in that direction,” Thor President Joseph Sitt said in a statement yesterday.

Thor also recently offered eight boardwalk vendors, including Ruby’s bar and the Shoot the Freak paintball game, one-year lease extensions.

Dick Zigun, founder of the arts organization Coney Island USA and the unofficial Mayor of Coney Island, applauded Thor for granting Astroland another year.

“It is terrific news, not only because I like Astroland, but more importantly there are 300 low-income, seasonal jobs that are important to this community,” Zigun said. “Thor could not break ground in any case next summer, so those jobs not be prematurely phased out is very important to the neighborhood of Coney Island.”

By Ryan ChatelainamNY