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Aqueduct Flea Vendors Close to Deal in Coney Island

Posted in Real Estate, Redevelopment, tagged Aqueduct flea market, Coney Island, flea market, Thor Equities on March 29, 2011| 3 Comments »

View of Stillwell Avenue East in Coney Island. February 28, 2011. Photo © Tricia Vita/me-myself-i via flickr

Is Thor Equities defunct Flea by the Sea about to become Aqueduct by the Sea? The City’s and Central Amusement International’s new Scream Zone amusement park may be getting a flea market as a next-door neighbor. The buzz in Coney Island is that the vendors from the displaced Aqueduct Flea Market are prepared to lease Thor’s Stillwell Avenue lots, which are adjacent to the City-owned land. The tent frames from 2009’s Flea by the Sea remain standing, though the lots were vacant last season. If all goes smoothly with the process of securing permits from the City, vendors from the City’s largest flea market may set up their wares on property next to the new high thrill rides. Um, so was this part of the Coney Island Development Corporation’s Strategic Plan? Is shopping at a flea by the sea what the city planner really meant by “entertainment retail”?

Since ATZ first reported the news in “Displaced Queens Flea Vendors Eye Coney Island’s Vacant Lots” (ATZ, December 20, 2010), nobody has followed up on the story. But Queens vendors who are coming to check out the Coney Island location helped keep the story alive for me. I figured the rumored deal would fall through due to high rent and onerous lease terms. Hey, maybe it will still fall through! Last May, Tennessee-based Universal Fairs plan to lease Thor’s lots for an amusement park fell through for those very reasons. The flea management is currently working to secure the permits. To be clear, it is not the operator of the Aqueduct Flea Market, but individuals who helped manage the flea market and know how to run such a business, who are trying to put together the deal.

Coney Island hasn’t seen a flea market since 2009, when Thor Equities inflicted Festival by the Sea aka Flea by the Sea on Stillwell Avenue. The flea market featured an array of incongruous items and was a spectacular flop. Just look at my Flea by the Sea flickr set –automotive supplies, bathtub remodeling, shoes galore at anchor store #7. Yeah, they had cheap sunglasses, cellphone cases, T-shirts and beach towels, too.

Shoes Galore at Anchor Store # 7 at Joe Sitt's Flea by the Sea. July 12, 2009. Photo © Tricia Vita/me-myself-i via flickr

In 2001, the Giuliani administration repeatedly ticketed and finally got rid of the flea market that had operated on the north side of Surf since the 1980s. The headline in the Daily News read “CONEY SMALL BIZ BLITZ STORM OF TICKETS TIED TO DEBUT OF CYCLONES.” One vendor alludes to the previously unenforced zoning: “The city is telling us that we’re in the wrong zone. We’ve been in this wrong zone for 25 years, and now they say we have to stop doing business.”

At Thor’s flea market, I felt really sad walking on the hallowed ground where amusements had existed for more than 100 years until Joe Sitt bought the property and bulldozed everything. Stillwell Avenue, where the Tornado Roller coaster (1927-1977), the Bobsled (1941-1974), and Stauch’s Baths and Dance Hall (1930-1998) once stood, where Norman Kaufman’s Batting Range and Go Kart City amused the zillion until Joe Sitt emptied out the amusements.

This is not the place for a flea market. Some people would say to me, well it’s better than an empty lot. I can’t agree. Sadly, many amusement operators tried but failed to rent the property from Thor. I always felt the gi-normous enclosed tents were part of Thor Equities strategy to win a variance for 10,000 square foot retail from the next administration. The City made a huge mistake not to have driven a better bargain with Joe Sitt and bought all of Stillwell instead of merely half of it.

Thor Equities Flea Market in Coney Island. June 6, 2009. Photo © Tricia Vita/me-myself-i via flickr

UPDATE April 5, 2011:

ATZ learned that event organizer Will McCarthy, who already applied for a Temporary Place of Assembly Permit for the market from the DOB, will meet with City officials on Thursday in hopes of speeding along necessary approvals from the FDNY and DEP. Sources say a meeting with the Brooklyn Borough President to discuss the “BK Festival’s” plans is also on this week’s schedule. Read more at “Thor’s Coney Island: Joe Sitt Scores Puff Piece in NY Times,” ATZ, April 5, 2011.

Displaced Queens Flea Vendors Eye Coney Island’s Vacant Lots

Posted in Real Estate, Redevelopment, tagged Aqueduct flea market, Coney Island, flea market, Thor Equities on December 20, 2010| Leave a Comment »

Tent Frames from Summer 2009's Failed Flea By The Sea. Thor Equities Vacant Lots at Stillwell in Coney Island. December 11, 2010. Photo © Jim McDonnell via smugmug

In 2011, Coney Island’s now decimated Stillwell Avenue will get a brand new amusement park called Scream Zone. Will its neighbor be one of the City’s largest flea markets? Coney Island is abuzz with the rumor that vendors from the popular Aqueduct Racetrack Flea Market, which has 1,000 vendors and lost its lease after 30 years, are collectively eyeing Thor Equities’ empty lots.

Sources tell ATZ that some of the vendors, who operate three days a week at the racetrack, were informed that negotiations were underway with Thor Equities to lease the property. When ATZ called Plain and Fancy Shows, the company that operates the flea, to confirm the story, the person who answered the phone denied any interest in coming to Coney Island. To be clear, the Coney Island Rumor Mill says it is not the operator, but individuals who helped manage the flea market and know how to run such a business, who are trying to put together the deal.

Fantasy Art: 2009 Poster for Thor Equities Failed Flea By The Sea. May 11, 2009. Photo © Tricia Vita/me-myself-i via flickr

The flea market folks are reportedly eyeing the lots on both sides of Stillwell formerly occupied by Thor’s failed Flea by the Sea. The skeletal frames of the tents have stood vacant since September 2009. The tenting became tattered and unsightly and was removed after numerous complaints. The asking price for the lease is rumored to be $300K for the season. Also said to be of interest to the flea market: The newly vacant lot at Surf Avenue and 12th Street, which was the site of the recently demolished Bank of Coney Island, across from Coney Island USA’s freak show. The corner of Surf and Stillwell, where the Shore Hotel was knocked down and the Henderson Building is currently being demolished. ATZ was told that the organizers of the new flea would place vendors of like items together to drive traffic to each location. Clothing, beauty products, household items and collectibles are among the categories of products.

Joe Sitt's Abandoned Flea By the Sea in Coney Island. October 15, 2010. Photo © Tricia Vita/me-myself-i via flickr

The lots remained vacant last season after Thor Equities failed to come to an agreement to lease the property to a number of amusement operators, including a fair producer from Tennessee. ATZ learned that some of the same amusement operators are still interested in bringing in rides, games and shows. The main hurdle to a deal is said to be Thor’s insistence on a one-year lease. One amusement operator told ATZ that he needs a two-year deal to make a profit.

In the Summer of 2009, Thor’s so-called Festival By the Sea (aka Flea by the Sea) was billed as “A Uniquely Entertaining and Amusing Flea Market in Coney Island.” In order to get a DOB permit for a “temporary fair” after the “flea market” was denied, Thor promised “tons of fun” and tried to recruit strolling entertainers via craigslist. But the only entertainment we recall seeing was a clown making balloon toys and bands playing a couple of sets on weekends.

Thor Equities Flea Market. May 22, 2009. Photo © Tricia Vita/me-myself-i via flickr

The Queens flea market has to leave the Aqueduct Race Track in Ozone Park after more than 30 years because of construction of a video slot casino. Around this time of year, vendors get tickets with their location number for next year’s flea market, which would have opened in March, after taking off January and February. Instead they got the news that December would be their last month.

According to an article in last Thursday’s New York Times, Betty Braton, the chairwoman of the Ozone Park neighborhood’s Community Board 10, said: “The casino operation is an attempt to go upscale, and a flea market is by nature sort of downscale. We’re looking forward to the economic development that is going to come from the casino operation.”

Would the Bloomberg administration, whose plan for the revitalization of Coney Island includes allowing Mom & Pop businesses to be evicted from City-owned property on the Boardwalk to make way for upscale eateries, approve a permit for a flea market? It is after all made up of hundreds of Mom & Pops. We’ll see. Or maybe we won’t.

If a flea market or amusement rides (or some combination of the two) are going to be Scream Zone’s neighbors on Stillwell in 2011, the biggest challenge will be signing a lease agreement with Thor Equities. When Joe Sitt acquired the property in 2006, he promptly evicted the batting cages, go karts and miniature golf, and turned Stillwell into what blogger Bob Guskind of Gowanus Lounge called “Thor Equities Corridors of Blight.” Alas, not much has changed on Stillwell since Bob wrote those words in May 2007.

We were not amused by auto supplies at Thor Equities Flea Market in Coney Island. May 31, 2009. Photo © Tricia Vita/me-myself-i via flickr

Thor’s Coney Island: Tattered Tents, Deathwatch for Historic Buildings

Posted in Coney Island Redevelopment, Real Estate, tagged Coney Island, flea market, Joe Sitt, Stillwell Avenue, Thor Equities on April 21, 2010| 7 Comments »

Thor Equities abandoned flea market, Coney Island. April 16, 2010. Photo © Tricia Vita//me-myself-i via flickr

Thor Equities abandoned flea market tents on Stillwell Ave, Coney Island. April 16, 2010. Photo © Tricia Vita//me-myself-i via flickr

If you’ve been wondering what Joe Sitt of Thor Equities is doing with his vacant buildings and empty lots in Coney Island 2010, the answer is nothing yet. It’s disgraceful that Coney Island’s no. 1 real estate speculator is getting away with letting his tents from last year’s flopped Flea by the Sea deteriorate and become a public eyesore. The bedraggled tents are the first sight visitors see when they stroll down Stillwell Avenue, the gateway to Coney Island’s Beach and Boardwalk. How would “Joey Coney Island” like it if this mess was in his backyard instead of the People’s Playground? Tear ‘em down!

Thor Equities abandoned flea market tent, Coney Island. April 19, 2010. Photo © Tricia Vita/me-myself-i via flickr

Coney Island’s 40 rides and diverse attractions opened for the season on Palm Sunday and enjoyed the best Easter in decades. On the City-owned former Astroland site, Zamperla/CAI is working nearly around the clock to finish the new Luna Park in time for Memorial Day Weekend. If Sitt had sold the land to the City when the rezoning was passed in July, the park would probably be open now! With the return of Ringling Brothers Circus and the grand opening of Luna Park, Coney Island’s stakeholders are busy planning an exciting summer season. But Joe Sitt has yet to announce any tenants or plans for his Coney Island buildings or remaining Stillwell parcels.

Shoot out the Star in Thor-Owned Henderson Building, Bowery at Stillwell. Photo © Tricia Vita//me-myself-i via flickr

Shoot out the Star in Thor-Owned Henderson Building, Bowery at Stillwell. April 19, 2010. Photo © Tricia Vita//me-myself-i via flickr

Thor Equities huge “Store for Lease” banners on the Henderson Building and Shore Hotel continue to greet visitors when they exit Stillwell station. As for Thor’s vacant buildings, the Grashorn—Coney Island’s oldest building—and the former Bank of Coney Island—it’s deathwatch time. The Coney Island Rumor Mill is saying a demolition company was asked to give a quote for the takedown of the Grashorn and the Bank of Coney Island immediately as well as the Henderson Building and Shore Hotel by October. Popeye’s $120K per year lease of the corner store on the ground floor is said to be up this year.

Thor-Owned Henderson Building sits on a Parcel Rezoned for a High-Rise Hotel. Photo © Tricia Vita//me-myself-i via flickr

Last July, the Bank of Coney and the Henderson parcels were rezoned for high-rise hotels of up to 27 stories. Though it’s unlikely a hotel will go up anytime soon, the speculation is that Sitt wants to get rid of the Grashorn and Henderson, which were nominated by Coney Island USA for landmark status, before the LPC calendars them or Save Coney Island’s plan for a historic district gathers steam.

Vacant on Surf Ave at Jones Walk: Thor-Owned Grashorn and Lambros Buildings. April 1, 2010. Photo © Tricia Vita//me-myself-i via flickr

Since Zamperla/CAI won the 10 year contract to build a new amusement park on the City owned land purchased from Sitt, a who’s who of amusement operators has enquired about leasing Sitt’s remaining parcels. But showmen are not marks. Sitt’s steep asking price—reportedly $300K-$500K– for each of his two 50,000 square foot Stillwell lots–has driven away top carnivals and amusement park operators who negotiated for yet failed to sign multi-year leases. Sources tell ATZ that onerous lease terms such as a 30-day vacate clause and having to pay all of the rent up front helped kill the deals.

Boarded Up Shore Hotel: Nature's Paradise By the Sea. April 26, 2009. Photo © Tricia Vita//me-myself-i via flickr

Sideshow operator John Strong, who negotiated with Thor to bring his freak museum to the Grashorn Building, now says all deals are off since he can’t spend more in rent than he can take in at the ticket box. Strong believes he got outbid by a Russian who owns an arcade. But the supposed tenant, Sam’s Arcade from last year’s Dreamland, hasn’t signed the lease for Coney Island’s oldest building. What is Sitt’s game?

The Wall Street Journal recently had an article called “Empty Storefronts Blot Union Square Area”–San Francisco, not New York–with a quote from Joe Sitt, who is one of the property owners: “Mr. Sitt says he isn’t rushing to lock up a long-term lease before the market recovers. ‘I’m very willing to be patient,’ he says. While an empty storefront might not help in the short run, securing better tenants is a long-term boon for the neighborhood.” Ironically, another quote in the piece is “It’s like a major theme park losing its rides,” says Joe D’Alessandro, chief executive of the city’s Convention & Visitors Bureau, of Union Square’s store closings.

Funny thing is the quote could apply equally to the situation in Coney Island, though Sitt hasn’t had much to say about Coney since he sold 7 acres to the City in November 2009. At the time, Sitt told the Real Deal in a Q & A…

“We have to redo all of our plans, but we will still have millions and millions of square feet of apartments and hotels and retail and restaurants and enclosed amusements. Yes, it will still have the Las Vegas component to it. The latter versions of the renderings are close to what it will be.”

Oh, yeah, he forgot to mention the millions and millions of dollars he’ll make when he flippity-flips it.

Before Thor: Remember Batting Range and Go Kart City? April 16, 2010. Photo © Tricia Vita/me-myself-i via flickr

In the meantime, a parade of people eager to do business in Coney Island continues to look at Thor’s Stillwell parcels. Last week, yet another amusement operator interested in a three-year lease for a go-kart track arrived on the scene. Rumor has it they’re set to sign a lease tomorrow. We’ll see. Our skeptical friends say that Sitt’s lots will remain empty this summer. We say it’s 37 days till Memorial Day Weekend and Sitt never had carnival rides up and running in “Dreamland” until then. In fact, bizarre rumors of Thor Equities producing entertainment in a Spiegeltent on one parcel and bringing their very own carnival to the other are circulating, too. What else can we say but this isn’t just any run-of-the-mill rumor mill, it’s in Coney Island, which thrives on the strange, the odd and the unpredictable.