The Bloomberg administration is in serious negotiations to buy 10.5 acres of real estate in Coney Island that once appeared unobtainable – a move that would save both Astroland Park and the mayor’s plans to revive the slumping seaside amusement district, The Post has learned.
Developer Joe Sitt is ready to give up his controversial plan to build a $1.5 billion Vegas-style entertainment complex, which the mayor wants no part of, and instead sell all of the beachfront land he’s purchased to the city.
“God willing, we will get this done soon,” said Councilman Domenic Recchia Jr. (D-Brooklyn), who convinced both Sitt’s company, Thor Equities, and the city to go to the bargaining table and is helping broker the deal.
While a price is still being negotiated, it is expected that the city would have to shell out $200 million to $250 million for the land, sources close to the negotiations said.
Recchia said the mayor wants the deal done quickly, so the city can finally get going on Bloomberg’s 47-acre rezoning plan for Coney Island, which includes building a nine-acre amusement park.
By purchasing Sitt’s land, the city would also become owner of 3.1-acre Astroland Park, which is the process of closing because Sitt failed to renew its lease.
This would give the city and the park’s longtime operator, Carol Albert, much-needed time to find a nearby Coney Island boardwalk site to relocate the 46-year-old fabled park.
A deal between Sitt and the city, however, must be reached soon because Albert is under fire to relocate her rides by the end of January when her lease with Sitt ends.
Recchia said the mayor “is committed to bringing back Astroland,” at least for next summer.
Albert said she was “shocked” to learn Astroland might not be dead after all.
A Sitt spokesman declined comment, but sources said the developer had a change of heart and is willing to give up his two-year game of chicken with the administration over the future of Coney Island for several reasons:
* The city last month beat Sitt to buying a one-acre property in the middle of the developer’s land. Sitt desired the site to have the contiguous acreage needed for his entertainment complex plan.
* With the City Council revising term limits, Bloomberg is no longer a lame duck. Sitt had counted on taking his chances with a new mayor.
* Sitt needs city backing for major development projects he’s pushing in Red Hook and Bensonhurst, so he’s trying to smooth his relationship with the administration by working out a deal in Coney Island.
If a deal can’t be reached, Sitt plans to operate a temporary flea market and amusements next year on his boardwalk land.
The $200 million to $250 million price tag being discussed in negotiations is based on the $11 million the city paid for the one acre last month and then factoring in that there’s an existing lease for its use by Deno’s Wonder Wheel Park, according to sources.
No matter what happens between the city and Sitt, both the Cyclone rollercoaster at Astroland and the Wonder Wheel are protected landmarks.
Lynn Kelly, who heads the city’s Coney Island Development Corp., could not be reached for comment yesterday.