Mayor Bloomberg make final bid for Coney Island property

April 22, 2009 at 1:56 am Leave a comment

Mayor Bloomberg has made his final offer.

Talks to buy coveted property standing in the way of a city plan to redevelop Coney Island have come to a halt.

“The bottom line is we can only pay so much – that’s it,” Bloomberg said, referring to an offer of $105 million for 10.5 acres of property that developer Thor Equities owns. “The city does not have unlimited money.”

The offer is significantly less than the $250 million Thor officials floated in November for the property – and $5 million under the city’s last offer, officials said.

Thor Equities acquired its Coney property over the past five years for a total of $93 million, officials have said.

Bloomberg, who paid $1.8 million for Coney’s historic B&B Carousell in 2005, said the crumbling economy won’t allow the city to spend more for the property, which would hold an amusement park and other attractions.

“We don’t have enough classrooms; we don’t have enough clinics; we don’t have enough infrastructure things,” Bloomberg said yesterday. “Government is about making choices and setting priorities, and this is our priority.”

A Thor spokesman declined to comment on the year-long negotiations with the city.

BY Jotham Sederstrom


Entry filed under: Brooklyn, Go Coastal, Public Waterfront. Tags: , , , .

Circus at Coney Island Is Welcomed by Many Coney Icons To Open This Summer

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed

Going Coastal NYC

Connecting People to Coastal Resources

%d bloggers like this: