Real Estate | Amusing the Zillion

Archive for the ‘Real Estate’ Category

Thor’s Coney Island: Retail Ride of a Lifetime’s Phantom Arcade

Posted in Amusement Game, Real Estate, Redevelopment, tagged arcade, Coney Island, Retail, Retail Ride of a Lifetime, Stillwell Avenue, Thor Equities on June 12, 2013| 18 Comments »

ARCADE sign on Thor Equities Building on Stillwell Avenue, Coney Island. June 1, 2013. Photo © Tricia Vita/me-myself-i via flickr

When the shimmery signs for the new pop-up shops went up on Thor Equities’ retail building on Stillwell Avenue, a sign with larger lettering promising ARCADE and a Steeplechase Park Funny Face, Coney’s symbol of merriment, took center stage. But there is no amusement arcade with coin-operated games in Joe Sitt’s “Retail Ride of a Lifetime” Building in Coney Island. It’s a phantom. The door, decorated with a sign advertising Retail Space Available, leads to a vacant space, maybe 10 by 15 feet, that would fit several machines at the most. Sources tell ATZ the arcade use was required to obtain the C of O for the building from the City. Why not get it up and running? Joey Coney Island’s Arcade! There are actually two of these phantom arcades –one on the Stillwell Ave. side of the Building, the other on Surf next to It’Sugar candy chain.

Before the season got underway, at least three Coney Island amusement operators were approached to put games in the building. Sources say an agreement could not be reached because Thor wanted a high rent and the amusement operators proposed revenue sharing, which is standard for owners of arcade equipment placing machines in restaurants and retail locations. Ironically, all but one of the retail tenants in the new building are believed to have revenue-sharing arrangements in lieu of rent, according to the Coney Island Rumor Mill.

Thor Equities Retail Building at Surf and Stillwell, Coney Island. May 29, 2013. Photo © Tricia Vita/me-myself-i via flickr

On either side of the tiny nonexistent “arcade” are 2,500 square foot retail spaces, the maximum allowed by the Coney Island Rezoning of 2009. However, the zoning requires that “At least 15 percent of the Stillwell Avenue and West 10th Street street frontage of any zoning lot shall be occupied by Use Group A1 uses at the ground floor level.” A measly 15 per cent! “A1” includes amusement arcades as well as open booths with games of skill or chance, such as water racing and shooting galleries, which used to occupy the spot in the demolished Henderson Building where the Brooklyn Nets Shop is now.

Use Group C, which covers retail and service uses, is what we can expect to see more of in Thor’s Coney Island. The pop-up shops include clothing and T-shirt boutiques Wampum NY and Brooklyn Rocks, Coney Island Convenience Shop, and the Brooklyn Nets Shop on the Bowery. Candy retailer It’Sugar on Surf Avenue is believed to have a longer lease.

The next chain store to arrive in Coney Island’s amusement district is Rainbow, which sells clothing for juniors, plus sizes, and children, as well as shoes. They’re set to open on the Stillwell side of Thor’s building, across the street from Nathan’s Famous. The Brooklyn-headquartered retail chain has 28 other stores in Brooklyn and over 1,000 locations nationwide.

Other chains coming to Coney Island are Applebee’s, Johnny Rockets, Red Mango and Checkers franchises, which signed leases with various property owners on the north side of Surf Avenue. Until the early 1980′s that side of Surf was home to individually-owned penny arcades and a variety of rides including bumper cars, carousels and even a Jumbo Jet-style coaster. The last ride on the north side of Surf– Coney Island’s B & B Carousell —closed in 2005 and is now located in the new Steeplechase Plaza on the Boardwalk.

UPDATE June 13, 2013

Nobody ever said life was fair, but the first word that comes to mind here is DESPICABLE. Remember Maritza, who was evicted from Thor Equities soon-to-be demolished Henderson Building in 2010? She’s had a souvenir store in various spots in Coney for oh, about 25 to 30 years. ATZ wrote about her again in April when she moved her gift shop/convenience store into Thor’s Retail Ride of A Lifetime building (“Thor’s Coney Island: Evicted Souvenir Shop Returns to Its Spot,” ATZ, April 19, 2013).

Well, it turns out Maritza is the ONLY one in Thor’s building who is actually paying rent, in the tens of thousands of dollars, too. The veteran shopkeeper was not offered the 15 per cent of sales deal that the brand-name newcomers from small shops like Wampum NYC and Brooklyn Rocks to the chain It’Sugar and the Brooklyn Nets Store were given. Guess we’ll have to go back and update the December post about Joe Sitt’s press release “To Add Local Flavor To Coney Island By Leasing Major Surf Avenue Parcels To Local Brooklyn Merchants At Reduced Rents For 2013.” There’s nobody more local than Maritza. Rip up the lease and give her the break you’re giving everyone else, Joe!

Photo Album: Coney Island May 2013 Construction Update

Posted in Amusement Game, amusement park, Real Estate, tagged Coney Island, Jones Walk, Lola Star, Luna Park, Nathan's Famous, Surf Avenue on May 20, 2013| 1 Comment »

Post-Sandy Renovation of Booths on Jones Walk, Coney Island. Coney Island. May 15, 2013. Photo © Tricia Vita/me-myself-i via flickr

Coney Island’s rides and Boardwalk businesses opened for the season on Palm Sunday, but new construction and post-Sandy renovations are still underway. In April’s photo album we focused on Steeplechase Pier, Steeplechase Plaza and the Boardwalk, and the Applebee’s on the north side of Surf Avenue. This month we’re looking at the south side of Surf Avenue and Jones Walk.

Last spring, the City leased the east side of Jones Walk to Luna Park, which installed a kid friendly Laser Maze and an interactive video booth. The corner stand, which used to house a water race game, was transformed into a face-painting concession. All were destroyed by Sandy. Last week the renovated booths were painted bright colors and prepped for new games to be run by Luna Park. Sources told ATZ that three adjacent booths were leased to food concessionaires including Italian, Mexican and ice cream.

On the section of Jones Walk operated by Deno’s Wonder Wheel Park, the new game seen below was being built by Jimmy Balloons and friends next to his new dart game in time for Memorial Day Weekend.

Construction of New Game on Jones Walk adjacent to Deno’s Wonder Wheel Park, Coney Island. May 15, 2013. Photo © Tricia Vita/me-myself-i via flickr

There couldn’t be a greater contrast with Thor Equities property on the west side of Jones Walk, which has been shuttered since 2009. Back then, a business owner who had leased a small stand on the Walk from Thor in 2008 told us the rent had tripled from $8,000 to $24,000. He declined the space and left Coney Island. Known as the Grashorn Building after Henry Grashorn’s Hardware store, which was in business in the 19th and early 20th centuries, the building is Coney Island’s oldest though you’d never guess from its ugly siding. A few booths on the west side of the Walk adjacent to the Bowery are in a building owned by Jeff Persily and are expected to be leased this season.

Nathan’s Original Location on Surf Avenue, Coney Island. May 15, 2013. Photo © Tricia Vita/me-myself-i via flickr

Meanwhile on Surf Avenue, construction is underway at Coney Island USA’s first-floor theater, Freak Bar, and gift shop, which will officially reopen on Memorial Day Weekend while funds to put on the June 22nd Mermaid Parade are being raised on Kickstarter. Next door at the former Denny’s Ice Cream, also owned by CIUSA, a 1940s Mangels shooting gallery is being restored with the expectation of opening sometime in July.

Last week, Workers continued the gut rehab at Nathan’s Famous original location at Surf and Stillwell Avenues which officially reopens in time for Memorial Day Weekend after a soft opening on Monday. The interior as well as electrical and plumbing were ruined by the flood water and sewage that surged into the store during Superstorm Sandy. Nathan’s Boardwalk store has been open daily since March 23rd.

The original Lola Star Boutique on the Boardwalk is already open for business but her satellite shop in Stillwell Terminal was wrecked by Sandy. Renovations are underway at the tiny shop, which looks airy and festive in this photo. The store is being readied for a Memorial Day Weekend reopening.

Renovation at Lola Star Boutique in Stillwell Terminal. Boardwalk Shop Already Open Coney Island. May 15, 2013. Photo © Tricia Vita/me-myself-i via flickr

Look Back: Thor’s Hit Parade of Signs in Coney Island

Posted in Look Back, Photo Album, Photography, Real Estate, Redevelopment, tagged Henderson Building, looking back, sign, signage, The Future of Coney Island, Thor Equities on April 26, 2013| 1 Comment »

April 22, 2013: View from DNALSI YENOC, Coney Island. Photo © Tricia Vita/me-myself-i via flickr

This week, the framework for a large sign was erected on the roof of Thor Equities new building at Surf and Stillwell Avenues in Coney Island. Will it be a billboard for a business or another one of Thor Equities “Space for Lease” teasers? As a photographer friend says: “That’s how you can tell a Thor property in Coney Island…the ‘For Lease’ sign!”

The building is the first sight you see when exiting Stillwell Terminal and we’ve taken many photos from this vantage point. There’s even a flickr group called DNALSI YENOC — Coney Island spelled backwards– showing how this view has changed over the past few years. Watch this space to see yet one more. In the meantime, here’s a look back at the signage, dating back to 2007, on Joe Sitt’s properties in Coney Island.

DNALSI YENOC: View of Surf Ave from Stillwell Terminal

April 8, 2012: DNALSI YENOC: View of Thor’s New Building on Surf Ave from Stillwell Terminal. Photo © Tricia Vita

The photo above shows the same view one year ago, when Thor’s building was completed and then immediately covered with plywood and a signature banner trumpeting “Retail Space Available.” The building remained vacant but now has at least three tenants for the 2013 season that ATZ was able to confirm: Maritza’s Souvenir Shop, a longtime tenant of the historic Henderson Building which was demo’d to make way for the generic-looking new building, is back in her old spot for the summer. It’Sugar, a Miami-based candy retailer, has the corner store and is expected to open May 3. Wampum, a lifestyle clothing brand and skateboard shop with two other locations in Bridgehampton and Nolita, is slated to open in Coney on May 24.

May 28, 2012: Coney Island ‘Funny Face’ Mural on Thor Equities Building at Surf and Stillwell. Photo © Tricia Vita/me-myself-i via flickr

On Memorial Day Weekend 2012, the plywood on the Surf Avenue side of Thor’s vacant building came alive with this Funny Face mural. On Stillwell, the plywood remained dotted with signs touting “CONEY ISLAND – The RETAIL RIDE of a LIFETIME – for leasing contact…” As we wrote previously: “Ain’t it just like Joe Sitt to tout retail when Coney Island, the birthplace of the amusement industry, is expecting its best season yet because of the success of Luna Park on land purchased by the City from Thor?”

View of Henderson Building and Shore Hotel

Now we’re time-traveling back to July 2009, a few weeks before the City Council passed the rezoning that allows high-rise hotels on Joe Sitt’s property on the south side side of Surf, including this lot! The original caption on the photo was “View of Endangered Historic Buildings Owned by Thor Equities” and called people to a rally to “Save Coney Island.” Sadly, the Henderson Building and the Shore Hotel, seen above, were demolished in December 2010.

During the 2009 season, Thor’s banners touted “Festival by the Sea. A Uniquely Entertaining and Amusing Flea Market in Coney Island. Head Straight on Stillwell for Tons of Fun.” It was not.

May 15, 2009: Thor Equities flea market ‘Closed due to threat of bad weather’ on a sunny day. Photo © Tricia Vita/me-myself-i via flickr

One of the most eye-catching signs at the flea market was “Closed due to threat of bad weather” posted on a sunny day in May due to a tent malfunction. You can’t make this stuff up. It was soon replaced by one that read “Pardon our Appearance while we adjust our tents.” Translation: The City’s DOB was requiring that the tents and structures be able to withstand hurricane force winds before issuing a C of O.

Shore Hotel Nature's Paradise by the Sea

Plastered with Thor’s ubiquitous “Space for Lease” signs but never leased, Coney Island’s Shore Hotel was boarded up with plywood painted in festive colors. A much smaller sign on a fence said “ATTENTION The Shore Hotel has closed down.”

The Shore Hotel was built circa 1903 and demolished by Thor Equities on December 10, 2010. It took only a couple of days for the demo men to take down the century-old wood frame building. There was nothing left of “Nature’s Paradise by the Sea” but a pile of sticks to be hauled away.

One signage-related highlight of 2008 was Joe Sitt being called “The Grinch Who Stole Coney Island” by the New York Post after cutting locks and hanging for lease banners on his Boardwalk and Stillwell properties on Christmas Eve. A section of the gigantic banner on the Henderson Building is seen in the photo below. R.I.P Shoot Out the Star. So far, Thor’s new building at Surf and Stillwell has no tenants with amusement games or arcades.

January 1, 2009: Thor Equities phone number dwarfs Shoot out the Star, Coney Island.

Also in 2008, Thor’s “Future of Coney Island” banners were recycled by tenants as decorative backdrops for their games. In January 2009, the slogan was tarnished when Thor’s Future of Coney Island website URL was taken over by a Belgian porn entrepreneur. “Who ever would have thunk the Future of Coney Island would turn out to be Biker Chicks in Heat and Lust on the Beach? Our suggestion: Somebody reopen the Shore Hotel right away with free 24/7 Belgian porn,” wrote Gowanus Lounge’s Bob Guskind.

August 8, 2008: Thor Equities Space for Lease and ‘Future of Coney’ banners as backdrop for basketball joint on Surf Ave. Photo © Tricia Vita

Thor regained control of the URL but later gave it up. Yes, that’s right, Joe Sitt no longer owns “The FutureofConeyIsland.com”! If you type in the URL, you’re redirected to its new owner, real estate site LivingThere.com (“A Better Way to Find a Home”). Wanna buy an “exquisitely spacious 2 bedroom/1 bath coop in Trump Village Section 3 on a high floor offers spectacular views of the ocean from every room and balcony”?