If Thor president and chief executive Joseph Sitt succeeds in his bid to have the property rezoned for residential use, some fear he might then sell the property at a substantial profit to a new developer who might have different ideas for the land.
Sun may set on historic Coney Island
Five years ago, Thor purchased the Albee Square Mall in Brooklyn for $24 million and talked about giving the site a makeover, only to sell it for $125 million after the property was rezoned to allow for a larger development.
Beneath the Speeding Cyclone, a Look Back in Time
Photo from AM-NY.com