Tuesday, March 25, 2008

Bklink: No City Departure in Coney

The city is actually treading carefully with its planning process in Coney Island. "But what's the fallback if Sitt and the other three major property owners don't agree to sell? 'If we're not successful at acquiring it as parkland, there are other options we're considering,' [Coney Island Development Corp. Chair Lynn] Kelly said. Queried to clarify that, she said, 'If negotiations don't work, we'll consider other options, where different landowners could partake' in the city's plan. That sounds like giving them a cut in the (increased) value of their land--something certainly not considered for Atlantic Yards. Coverage in the New York Observer's The Real Estate suggested this was a departure from the city's posture; it strikes me more as an elaboration."--Atlantic Yards Report

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