Thor Seeks Coney Cash From Downtown Garage Sale
The new year brings a new twist to the stalemate between Thor Equities and the city over the redevelopment of Coney Island. Thor may be looking to sell or lease a Downtown parking garage (above) it bought from the city in ’04 in order to shore up cash for its Coney Island plans, according to…
The new year brings a new twist to the stalemate between Thor Equities and the city over the redevelopment of Coney Island. Thor may be looking to sell or lease a Downtown parking garage (above) it bought from the city in ’04 in order to shore up cash for its Coney Island plans, according to an article in the Post. City officials aren’t thrilled about the deal because they think Thor is trying to stockpile cash in order to wait out Mayor Bloomberg’s term in office. Thor purchased the five-story, 245,185-square-foot garage at Bond and Livingston for $6 million and pledged to invest $2.9 million in rehabilitating it; the firm can’t actually sell the site until April 2009 without city approval. (The possible deal is reminiscent of Thor’s $125 million sale of the lease for the Albee Square Mall last year to Acadia Realty Trust and P/A Associates.) Meanwhile, in non-Thor news, the Post also reports that Dianna Carlin, the owner of the Lola Staar Souvenir Boutique on the boardwalk, is looking to build a roller skating rink on an unspecified Coney Island parking lot. The last roller skating rink in Brooklyn, Crown Heights’ Empire Roller Skating Center, closed last April.
Coney Bizman’s Parking $pace [NY Post]
Coney Is. Dares to Rink Big [NY Post]
Photo by Scott Bitner for Property Shark.
King of the flippers.
The drop-in center moved to Tillary and Prince, across the street from the police precinct and firehouse.
This garage is where the new IHOP is located. It was also, until about two months ago, home to a Salvation Army shelter for homeless folks. I pass by this spot every morning on my way to the train and it is less lively since the shelter moved. Where did the homeless go?
I predict this will get leveled and re-developed into condos in the next decade.