City Finally Buys Seven Key Acres on Coney Island Boardwalk

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Photo: Getty Images

Developer Joe Sitt, who spent years accumulating key real estate in Coney Island and battling the city for four years over the right to develop it, has finally sold 6.9 acres of land along the boardwalk to the city. The price was $95.6 million. Last year, he asked the city for $165 million for the full 10.5 acres he owns in the area, so it seems like New York made off decently — though launching a huge development in these times is ambitious to say the least, and the nearly $300-per-square-foot price tag is a good price on the current market, according to the Post. Sitt, for his part, still has plenty of space to build condos or hotels, as he'd hoped. Mayor Bloomberg is expected to announce tomorrow that he hopes to pick an amusement-park operator by the end of the month. Coney Island, which has been sadly bare of late, will rise again! Like a phoenix! Or like a rickety wooden roller coaster that leaves you bleeding but joyful after every plunge!

City buys 7 acres in Coney Island for $95M, ending 4-year standoff [NYP]