Thor Throws a Coney Island Curveball

Categories: Follow-Up
No condos for Coney? Photo by Sidney Lo

Developers Thor Equities dropped a bombshell yesterday afternoon, sending out a terse two-paragraph e-mail declaring that it had "completely eliminated the residential component of its proposed plan" and will instead offer "a plan that is compatible with the City's strategic plan." In other words, no condos for Coney.

The odd timing of the announcement—did Thor principal Joe Sitt have a Father's Day epiphany?—was partially explained last night, when the Monday Times put live on its website, and included an article by Charles Bagli reporting that Sitt had caved on his condo demand last Friday. ("Rolled over" is how Sitt put it to Bagli.) But Bagli also reports that the new "compatible" plan is not so compatible at all in the city's eyes:

"He came in last week and presented a plan that had essentially the same density, but dressed it up with hotels and time shares," [city Economic Development Corporation president Robert] Lieber said on Friday. "The building heights still exceed the 271-foot Parachute Jump," a Coney Island landmark. "And he's looking for a huge subsidy from the city. North of $100 million."
If Sitt was hoping to cut a deal with the city by swapping condos for time shares, in other words, he looks to be barking up the wrong tree— especially when you consider that Lieber is the highest-ranking official yet to have dissed Thor's plans, and in some of the city's strongest language to date.

For Coney Kremlinologists, meanwhile, the juiciest item in Bagli's story might be the rendering of Thor's newest plans, which look to include a multiplex movie theater on the current Astroland site and a pair of 20-plus-story hotels along Stillwell Avenue. (Or perhaps in the middle of Stillwell Avenue— the artist appears to have failed perspective drawing.) Of course, the illustration also portrays a Coney Island of the future that's missing the Steeplechase Pier, the landmarked Wonder Wheel, and Keyspan Park, so perhaps it's best not to take this latest of Thor's ever-changing plans too literally.


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