City to Buy 7 Acres of Coney Boardwalk Property from Sitt
It's long been assumed that developer Joe Sitt, who's been letting his vast holdings in Coney Island go all to hell, has been holding out for the best price he can get from the city, which has repeatedly shown interest in buying it. Today, a breakthough: it's reported that New York will pay $95.6 million for seven acres on the boardwalk. To help you visualize it: on these terms, the property on which Ruby's Bar sits would be worth about $2 million. The land is expected to be devoted to amusements.
The city had previously offered $105 million for ten acres of Sitt's holdings, which the sale suggests was the ceiling price. Sitt was holding out for $165 million.
Sitt's still got about five and a half acres to play with, so we'll see if his claims that he wants to make a Vegas-style strip out of it were just bullshit. Photo (cc) BLH Photography.
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