Brooklyn, NY – The developer who wants to modernize Coney Island’s amusement district has scrapped plans to build rental apartments and luxury condominiums as part of the project.
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Critics of Thor Equities’ plan to turn the amusement park at Coney Island, Brooklyn, into a Las Vegas-style entertainment complex had long argued that adding residential development was a lousy idea.
Joseph J. Sitt, the founder and chief executive of Thor Equities, said he listened to the critics when revamping the company’s plan for Coney Island. His company has spent $120 million buying up property underneath and around the rides.
“This is our way of showing the New York community that we’re responsive to what they want,” Sitt said.
The retooled plan calls for retaining the concept of a glass-enclosed water park, but includes three hotels instead of apartment buildings, as well as 400 time-share units. There would also be restaurants, shops, movie theaters and high-tech arcades.
Still, even the new plan has its detractors.
This new plan for Coney Island, as proposed by Thor Equities, is expected to cost $1.5 billion. [AP]
No its not good. Expect Boro Park prices to rise.
Wow! so now the developers will come back to borough park in big time. is it good?