Coney Island USA to Buy Its Building, Thwarting Thor

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Photo: ConeyIsland.com

You'd need a fortune-teller to determine the future of Coney Island these days: What will Thor Equities ultimately build, and will the city swap land with the developer, as has been proposed, to preserve amusements on the boardwalk? But this much, at least, is clear: Fans of sword swallowers and facial tattoos can down a celebratory pint of Coney Island Lager in two weeks, when the nonprofit that runs the Mermaid Parade, the Coney Island Museum, and the Circus Sideshow closes a deal to buy the building it currently leases. Coney Island USA founder Dick Zigun says that with the city’s backing, it will purchase the 1917 structure, originally a restaurant, at a price of $3.6 million — beating out Thor for the deal. "We have never been so secure and permanent in the neighborhood," Zigun said, "and that's totally thanks to the political leadership of New York City." Within five years the building will be restored to its former glory and the Coney Island Circus Sideshow will expand, along with the Freak Bar and museum gift shop, to twice its size. Best of all, this means the Mermaid Parade will have a long-term home base. Unless, Zigun points out, everything is under water 30 years from now. —Daniel Maurer