City Buys Part of Coney's Wonder Wheel Property *

Gowanus Lounge reports that the New York City Economic Development Corporation has bought an acre of the property on which Coney Island's landmarked Wonder Wheel sits. GL says this is "HUGE" because Thor Equities, the developer/despoiler that has bought many parcels of Coney land and largely controls its destiny, was reportedly in the market for that acre. "It is unclear," says GL, "if the Ward Trust sold to the city because it chose to or because Thor Equities was unable to finance the deal." In any case, the EDC-owned piece gives the city added leverage in future dealings with Thor.

* Or not! See here. photo via Will in Nashville (cc)