A city official told the Daily News that Thor Equities’ $1.5 billion plan for Coney Island—the latest iteration of which involves the construction of high-rise hotels with luxury time-share units rather than condos, in addition to a brand-new amusement park—is dead in the water. The unnamed official said the city was wary of Joe Sitt’s firm flipping its Coney holdings, as it did earlier this year when it sold the long-term lease and development rights to the Albee Square Mall for $125 million. The official suggested that the city is also unhappy about Thor’s push for $100 million in subsidies. Word of the city’s reticence to green-light Thor’s latest plan follows recent news that Economic Development Corporation officials were eyeing operations like Denmark’s Tivoli Gardens as more appropriate for Coney than Sitt’s vision.
$1.5B Vegas Plan for Coney Island is History [NY Daily News]
Coney Island: How Much Do You Give a Sitt? [Brownstoner]
Thor Backs Away from Coney Condo Plan [Brownstoner]
Coney Island #1: Thor Craves Approval [Curbed]