EDC Purchases a One-Acre Site in Coney Island

Announcement comes about three months after Thor Equities failed to close on the same parcel. On October 15, 2008, the NYC Economic Development Corporation announced that it entered into a property acquisition agreement with Ward Realty Corp. for the purchase of a one-acre site in the amusement core of Coney Island, Brooklyn. The site, located within the nine-acre area that the City has designated to be parkland, is the current home of the Wonder Wheel Amusement Park.

Until about three months ago, Ward Realty Corp. expected Thor Equities to acquire the property. However, when it came time to close, Thor expressed its desire to renegotiate the contract, and the parties failed to reach an agreement. Shortly thereafter, EDC agreed to purchase the site for the same price Thor originally agreed to pay, approximately 11 million dollars.The acquisition brings the total amount of City-owned property in the area to about four acres. EDC anticipates purchasing more property within the development footprint in the coming months.

NYC Economic Development Corporation reaches property acquisition agreement with Ward Realty Corp. in Coney Island, EDC Press Release (Oct. 15, 2008).


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