"The area desperately needs an infusion of cash. And unlike AY, this appears to be a viable plan." bupe
Infusion of cash? Not likely. Every plan that this Thor Equities has ever submitted for anything calls for someone else to pay for construction and once complete for others to pay for and bring in the attractions and stores. All Thor Equities would do is provide the land and collect outrageous rents. But when has Thor Equities ever carried out one of their plans? Once the city gives them the zoning and property they are asking for they are going to sell it to Taconic. Taconic is going to build condos and no stores. The city would love it because they would get to collect property taxes, but the local community would see none of this money and would lose those tourist dollars.
.
"Many people are very nostalgic about Coney Island - but when was the last time anybody went there beside the Mermaid parade?" bupe
When was the last time you trekked 10 miles or more out of your way to go to mall stores? What is the logic of replacing something people still go to with something people are no longer going to? According to Businessweek malls and box stores are in decline. Look at all the malls in this city that are in trouble and are closing. Even Thor Equities closed their Fulton Street Gallery Mall because they said it was not making any money. OTOH amusement parks have seen record crowds in the past five years. And that includes Coney Island.
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"Whatever happened to the Danish people that were going to an amusement area ala Tivoli Gardens in Copenhagen?" Beau Guest
City Councilman Dominic Recchia and Senator Carl Kruger who from the beginning backed Thor Equities took legal steps to prevent Tivoli from building in New York. Remember that next time they are up for re-election
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"Once those luxury condos go up, you'll get those who feel entitled to the beach and complaining bout the "riff-raff" that go their. Then they'll start yapping about how they must protect their investments and how to privatize the beach. It's happened before." bxgrl
If you look at the original plan that Thor Equities submitted it showed a map where the boundaries of their resort extended out over the beach. They knew all along that there is no real way they could build billion dollar condos and luxury hotels unless they had the beach in front privatized. Not that it would matter because one that property falls under a single owner then they could cut off beach access even if it remains public.
.
"Perhaps it's because Mr. Sitt OWNS the land, after paying for it with his own money????" benson
Dont forget to mention that the former owners were pressured by Bloomberg to sell their property to Sitt back when he was claiming all he wanted to do was build an amusement park. And he did not pay for it with his own money. He paid for it with bank loans he wants the city to subsidize. Those banks must be pissed because he told them the property would be rezoned to allow condos. Now he can't pay them back.
"The area desperately needs an infusion of cash. And unlike AY, this appears to be a viable plan." bupe
Infusion of cash? Not likely. Every plan that this Thor Equities has ever submitted for anything calls for someone else to pay for construction and once complete for others to pay for and bring in the attractions and stores. All Thor Equities would do is provide the land and collect outrageous rents. But when has Thor Equities ever carried out one of their plans? Once the city gives them the zoning and property they are asking for they are going to sell it to Taconic. Taconic is going to build condos and no stores. The city would love it because they would get to collect property taxes, but the local community would see none of this money and would lose those tourist dollars.
.
"Many people are very nostalgic about Coney Island - but when was the last time anybody went there beside the Mermaid parade?" bupe
When was the last time you trekked 10 miles or more out of your way to go to mall stores? What is the logic of replacing something people still go to with something people are no longer going to? According to Businessweek malls and box stores are in decline. Look at all the malls in this city that are in trouble and are closing. Even Thor Equities closed their Fulton Street Gallery Mall because they said it was not making any money. OTOH amusement parks have seen record crowds in the past five years. And that includes Coney Island.
.
"Whatever happened to the Danish people that were going to an amusement area ala Tivoli Gardens in Copenhagen?" Beau Guest
City Councilman Dominic Recchia and Senator Carl Kruger who from the beginning backed Thor Equities took legal steps to prevent Tivoli from building in New York. Remember that next time they are up for re-election
.
"Once those luxury condos go up, you'll get those who feel entitled to the beach and complaining bout the "riff-raff" that go their. Then they'll start yapping about how they must protect their investments and how to privatize the beach. It's happened before." bxgrl
If you look at the original plan that Thor Equities submitted it showed a map where the boundaries of their resort extended out over the beach. They knew all along that there is no real way they could build billion dollar condos and luxury hotels unless they had the beach in front privatized. Not that it would matter because one that property falls under a single owner then they could cut off beach access even if it remains public.
.
"Perhaps it's because Mr. Sitt OWNS the land, after paying for it with his own money????" benson
Dont forget to mention that the former owners were pressured by Bloomberg to sell their property to Sitt back when he was claiming all he wanted to do was build an amusement park. And he did not pay for it with his own money. He paid for it with bank loans he wants the city to subsidize. Those banks must be pissed because he told them the property would be rezoned to allow condos. Now he can't pay them back.
Posted by: Phillips B at April 30, 2009 8:09 PM in response to Thor's Big-Box Dreams for Coney Island