Developer sells Coney Island acres to NYC
(AP) - New York City has cut a deal to buy almost sevenacres of Coney Island - opening the doors for Mayor MichaelBloomberg's plan to revive the famed Brooklyn waterfront.
City officials say the price for the 6.9 acres is $95.6 million - going to Thor Equities, a Manhattan development firm.
The deal comes after months of tough negotiations that left theConey Island plan up in the air, even after the City Councilapproved it in July.
Bloomberg wants to turn the storied neighborhood into ayear-round destination with high-rise hotels, restaurants, retailstores, movie theaters and the city's first new roller coastersince the Cyclone was built in 1927.
At the heart of Coney Island were the Astroland rides, which saton the acres the city will own.