A major blow to Thor Equities came today as the city of New York purchased a one acre piece of Deno’s Wonder Wheel Park for $11 million. Thor Equities had been “in contract” to buy the same piece of land for the aformentioned price, instead the city snatched it up before a deal went through. According to a press release issued by the New York City Economic Development Corperation:
The deal is the first of what NYCEDC expects to be a series of land acquisitions in the coming months as the City proceeds with its vision to create a 21st century entertainment destination and protect Coney Island’s amusement legacy in perpetuity. The current tenant, Wonder Wheel Park maintains a lease to operate on the property for a term of 12 years, through 2020.
This is very good news for Coney Island. Many saw the amsuement district as becoming a giant mall with Joe Sitt’s ultra posh condo complexes towering over the Wonder Wheel, or even Parachute Jump! Hope still remains…