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Old Posted Dec 28, 2006, 12:37 PM
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NY Post

EATERY MAY BE CONEY HOUSING

By RICH CALDER
December 28, 2006

The developer planning a $2 billion face lift for Coney Island's amusement area is close to a deal to buy a well-known local Italian restaurant - so he can use the site for luxury housing, sources told The Post yesterday.

Gargiulo's Restaurant, a Coney Island institution since 1903, could be relocated a few blocks away to the proposed larger boardwalk project, a Vegas-style entertainment area between West 12th and West 15th streets.

Developer Thor Equities last month bought the Astroland amusement park and hopes to replace it with a theme hotel and spectacular new rides.

The overall project would include other hotels, stores, housing, an indoor water park, a multilevel carousel, and a 4,000-foot-long roller coaster.

The company is awaiting city approval, but hopes to break ground in 18 months and wrap up in about five years.
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