Sitt, City Close Coney Island Deal: About 7 Acres for Us, $95.6 Million for Him
Developer Joe Sitt and his Thor Equitiies closed that deal with the city they set up in November that gives New York 6.9 acres of beachfront property and Sitt $95.6 million which, as Neil de Mause earlier reported, means he's already made back his investment and still has six acres of Coney to play around with.
"In the end, we all wanted the same thing," said Sitt in a statement, which made our ears perk up: was he going to reveal collusion to enrich Joe Sitt? Alas, he said it was "to return Coney Island to its historic grandeur and prosperous past." Well, Sitt's had a funny way of going about it, closing rides for late rent and leaving stretches of the place in wreckage for long periods, but now he has less territory to realize his ruinous dream, and the city has more. Bring on the hole to China!
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