Three acres of Coney Island up for grabs
Site on which famed Thunderbolt roller coaster once stood hits the market; price not disclosed but NYC paid Joe Sitt $96 million for seven acres nearby last year.
The former site of the famed Thunderbolt roller coaster on Coney Island is up for grabs.
The vacant three-acre site in the Brooklyn amusement district is being sold by Horace Bullard, the owner of the Kansas Fried Chicken chain. Brokerage Massey Knakal Realty Services began marketing the site adjacent to KeySpan Park this week. There is no asking price for the 129,000-square-foot lot.
“The number of people who can purchase the site is limited because of financing constraints, but interest will be strong,” said Brian Hanson, first vice president of Massey Knakal, who along with the brokerage's Chairman, Robert Knakal, is marketing the development site. “It's an area with tremendous potential.”
Mr. Hanson declined to confirm the seller and the reasons for the sale. Mr. Bullard did not return a call for comment.
The property was rezoned last year as part of the city's efforts to revive the dormant amusement district. As a result of the rezoning, the buyer will be limited to developing amusements, small retail and entertainment, although a hotel would be allowed on a portion of the site.
In 1985, Mr. Bullard bought and assembled the five different lots, located at the South side of Surf Avenue between West 15th and 16th streets, for roughly $1 million, according to public records. In the mid-1980s, Mr. Bullard proposed his own ambitious plans to develop an amusement park but they ran afoul of local government officials.
This is the not first time he has sold land in Coney Island. Nine years ago, Mr. Bullard, who is also the owner of the Shore Theater there, sold Coney Island's Washington Bath House to Brooklyn developer Joseph Sitt for $13 million.
While an asking price was not listed for the development site, the city bought 6.9 acres adjacent to the site from Mr. Sitt for $95.6 million last year.
Separately, Mr. Sitt, who still holds about four acres of land in the district, announced Wednesday that he would invest more than $10 million to jumpstart the development of his own amusements, which he hopes will be ready for the summer of next year.
Early this year, the city selected Central Amusement International to install rides and attractions designed and manufactured by Zamperla Group, as part of the city's broader plans to preserve and grow the historic Coney Island site.
CORRECTION: Central Amusement International was selected by the city to install rides and attractions at Coney Island. Zamperla is the deisgner and manufacturer of those rides. That fact was misstated in an earlier version of the story.
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