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Old Posted Jun 18, 2007, 11:53 AM
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http://www.nysun.com/article/56790

Coney Developer Drops Condo Plan

June 18, 2007

Facing stiff opposition from the city and residents, a developer and major landholder at Coney Island has dropped his plans to build condominiums within the amusement district.

Development company Thor Equities is planning to revamp and modernize the storied amusement destination. Its principal, Joseph Sitt, has said he needed a large condominium tower to make the investment financially viable.

The plan for apartments near the boardwalk prompted a harsh response from the director of the Department of City Planning, Amanda Burden, who vowed to block residential development in the heart of the amusement district.
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