After months of criticism from city officials and community members, Joseph Sitt of Thor Equities submitted a plan that replaces the controversial 40-story condominium tower and hundreds of other rental apartments along the Coney Island boardwalk with a lower-scale mix of hotels and timeshares. Does it represent enough of a change to satisfy critics or is the plan just wolf dressed up as a sheep, as Robert Lieber, president of the city’s Economic Development Corporation, called it? It’s an important question for Thor, which needs the city on board to complete a rezoning and to cough up financing on the order of $100 million. The key to any plan for the area is finding a way to make Coney Island a year-round destination. Unfortunately, it’s hard to see how to accomplish that while maintaining the old-school vibe for which so many New Yorkers feel nostalgia. If you’re already going to turn it into Disney World, what’s the big deal is about having some condos in the mix?
Coney Island Plan Is Scaled Back [NY Times]
Condos Nixed from Coney Revamp Plan [NY Post]
Coney Developer Drops Condo Plan [NY Sun]