Sunday, April 5, 2009

City's Coney offer goes down, not up

From the NY Observer:

The Bloomberg administration’s plans to redevelop Coney Island are being held up, in part, by less than $60 million.

Per a set of documents I requested, it seems Mr. Sitt responded to a request by the city that he put a number on the table for the sale of his property. His price: $165 million, an amount that includes what Mr. Sitt considers a 20 percent profit. City officials, in turn, had offered $110 million, though the city publicly dropped its offer to $105 million Wednesday.

All told, it seems that the two sides are between $45 million and $60 million apart.


Anonymous said...

Potatoes, potatas, tomatoes, tomatas,
Let's call the whole thing off.

Taxpayer said...

What is the Commissar or any tax paid official doing planning the development of any area not owned by the public?

If Coney Island needs any redevelopment, then let privately owned developers make offers to purchase various property from their own or other private investors' accounts.

The local community should be in control of all zoning decisions, which the tax paid officials would then be required by law to enforce.

This is how every business works. When Hershey wants to make Hershey bars, they negotiate with the cocoa and sugar growers, dairy farmers, drivers and all the other business that produce the raw material or deliver the finished product.

Negotiating for raw material and for delivery to market is how private business operates.

Producers make a profit (good) and the end user gets a product (also good).

So, again, why is any elected official using our money to supply the raw materials for wealthy developers to make a profit. That puts the taxpayer as the risk taker and the developer as the profit taker.

Is that fair? Is that just? Is that right?

Dump this Commissar while the dumping is still possible.

Anonymous said...

There are over 120,000 people living in the projects west of w17st.If any development is to take place,those projects need to be leveled.As a matter of fact,any project higher than 4 stories needs to be leveled............