Just a brief note about City Hall’s announcement last week of its deal with Central Amusement International to develop 6.16 acres of land in Coney Island for two new amusement parks to be called “Luna Park at Coney Island” and the “Scream Zone.” Annual rent will be $100,000 for the first 10 years, with the city also expecting to receive “additional revenue derived from gross receipts from the amusement park.”
NYC’s Economic Development Corporation purchased this land in November, 2009 as part of a 6.9-acre, $95.6 million deal with Thor Equities—that’s $85.3 million prorated to the 6.16 acres being used for the parks.
Let’s do some math here: 43,560 square feet to an acre, times 6.16… about 270,000 square feet for the parks. $100,000 a year in rent divided by the square footage? That’s 37¢ per square foot, per year, the city’s charging CAI.
We’re all for Coney Island’s revitalization, and we’re firm believers in the importance of keeping NYC a world-class tourist destination, but we’d hope that City Hall could have cut a better deal for taxpayers than this one seems to be.
Comments from City Hall?
Posted in Development
Tagged brooklyn development, brooklyn rents, Central amusement international, City Hall Coney island, Coney island amusement park, Coney island development, coney island rents, luna park, NYC contracts, scream zone, thor equities
Photo: Todd Selby for NY Magazine
While we realize that no good screed goes unpunished, we want to note one of New York City’s most readable — and trenchant — commentaries on current politics, big business, developers, and their incestuous relationship: http://momandpopnyc.blogspot.com, the blog of lobbyist Richard Lipsky, voice of the Neighborhood Retail Alliance.
The Village Voice has called Lipsky New York’s best small-business lobbyist. The Times has commented: “In Mr. Lipsky, Howard J. Rubenstein, the public relations executive, meets the late Saul Alinsky, the radical community organizer.”
With credentials like these, Mr. Lipsky doesn’t need us. But we’ll continue to read his blog, because it always goes for the gut. We just hope it never goes for ours.
A NYC blog about small businesses, The Neighborhood Retail Alliance, calls the Daily News’ editorial treatment of job losses in The Bronx “a classic case of misdirection!”