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Thor’s Coney Island: Wanna Lease Stillwell? That’ll Be $500K Up Front!

Posted in Coney Island Redevelopment, Real Estate, tagged amusement park, amusement rides, Coney Island, flea market, go karts, Joe Sitt, Stillwell Avenue, Thor Equities on March 9, 2010| 1 Comment »

Thor Equities abandoned flea market on Stillwell Ave in Coney Island. Photo © Tricia Vita/me-myself-i via flickr

Thor Equities abandoned flea market on Stillwell Ave in Coney Island. October 30, 2009. Photo © Tricia Vita/me-myself-i via flickr

One month ago, ATZ asked “What is Joe Sitt planning for Stillwell Avenue in Coney Island 2010?” Still no word on Stillwell from Thor Equities, though Coney Island’s 40-plus rides and diverse attractions will open in just 20 days. Palm Sunday– March 28th this year— is the traditional season opener in Coney Island.

The Cyclone roller coaster, Deno’s Wonder Wheel Park, McCullough’s Kiddie Park and the Eldorado Bumper Cars are busy getting ready for the big day. In fact, the Eldorado as well as Paul’s Daughter, the Grill House and Gyro Corner on the Boardwalk were already open last weekend! Yet Thor Equities property on Stillwell, the gateway to Coney Island’s beach and Boardwalk, still looks like the ghost town of last summer’s failed flea market.

Here’s why: The Coney Island Rumor Mill says that Sitt is asking $500,000 for both sides of Stillwell and he wants all of the money up front!

According to sources, Sitt is not willing to negotiate on the amount either. This lack of flexibility doesn’t surprise us. Half a million is actually a 75 per cent reduction from Sitt’s original asking price! As ATZ reported last month, sources said several carnival and amusement park operators balked at Thor’s initial asking price, a cool $2 million for the two 50,000 square foot parcels.

January 7, 2010: New Sign on Stillwell. Photo © Bruce Handy/Pablo 57 via flickr

Some of the interested parties were contenders in the City’s RFP for a Coney Island Amusement Operator, which was won by Zamperla. The Coney hopefuls who put in bids for Thor’s parcels were said to be balking at the slew of onerous lease terms such as a 30-day-vacate clause. (“Coney Island: Amusement Operators Balk, Money Talks at Stillwell,” Feb. 10, 2010).

Negotiations continue for carnival rides and a go kart track though rumor has it that one of the potential amusement operators told Sitt’s agent where to take his lease and shove it. Good negotiating strategy or goodbye Coney Island?

When all is said and the deal is done, we may see Geren Rides back on Thor’s property for the third year in a row. The Georgia-based carnival operator did after all buy a Schwarzkopf Wildcat roller coaster, Reverchon Himalaya and other rides last year with the intention of coming back to Coney.

UPDATE March 10…Sources say amusement operators from Wildwood, New Jersey, are close to signing a 5-year lease with Sitt for a go-kart track on one of his Stillwell parcels. If they ink the deal and if CAI/Zamperla goes ahead with their plan for go-karts on the City’s Stillwell parcels in 2011, Coney Island will have duelling go karts on the site of the much missed Coney Island Batting Range and Go Kart City. Why not bring back the Batting Range? As one of our friends says, “I still miss the batting cages. Without a doubt, they were the best in the entire city. Watching the balls fly off your bat with the Wonder Wheel in the distance was a thing of beauty.”

Coney Island 2010: Good Riddance to Thor Equities Flopped Flea Market, Hello Rides?

Posted in Real Estate, Redevelopment, tagged amusement park, Coney Island, Coney Island Redevelopment, flea market, Joe Sitt, Stillwell Avenue, Thor Equities on January 8, 2010| 5 Comments »

Good riddance to the tube socks, cellphone accessories, shoe stores and automative supplies of Thor’s Flea in-fest-ation of last summer! Welcome back amusement rides on Coney Island’s Stillwell Avenue? We hope so….

January 7, 2010: New Sign on Stillwell. Photo © Bruce Handy/Pablo 57 via flickr

On Thursday the Coney Island Rumor Mill was abuzz as new signage advertising the property “For Lease” was going up at Thor Equities flea market on Stillwell behind Nathan’s. Photographer and ATZ contributor Bruce Handy/Pablo 57 snapped a photo as dusk fell over the wind-ripped tenting that housed Joe Sitt’s flop of a flea last summer. “Maybe the second highest bidder for city land would be interested in this parcel,” Handy speculated. “Gets a lot of traffic from Nathans and the subway.”

Our guess is that several bidders, including the soon-to-be designated winner, have already made inquiries about leasing Thor’s Stillwell property. During the reply period for the City’s RFP for a Coney Island Amusement Operator to bring rides and attractions to land newly purchased from Joe Sitt, potential bidders asked the City about the adjacent vacant lots. The contact info for Thor Equities and Horace Bullard was posted on the City’s Q & A for all potential bidders to see.

Land for Lease by Thor Equities: The Stillwell parcels north of the city-owned Parcels B & C and south of the Bowery. Parcel A is the former Astroland, which is now owned by the City and was up for bid in the RFP. NYCEDC Map.

The timing of Thor’s signs couldn’t have been better. The short-listed respondents to the City’s RFP were reportedly in the City yesterday and today for meetings with the NYCEDC. If the bidders who didn’t make the short list have fire in their belly to come to Coney Island, now is the time for them to deal with Sitt or Bullard. Given Thor Equities’ history of sky-high rents and onerous lease terms, we think the parcels will go to the most highly motivated bidder.

We think the winner of the City’s 10-year lease on their newly acquired 6.9 acres will want to get control of all of Stillwell and keep other amusement operators from gaining a foothold in Coney Island. Joe Sitt sold approximately half of his Stillwell property to the City. But what good is half a sandwich? It’s not enough if you’re an amusement operator with ambitions of becoming the City’s single operator in Coney Island at the end of the 10-year lease.

Summer 2009: At Thor Equities Flea by the Sea, "Tons of Fun" = Lots of Schlock. Photo © Tricia Vita/me-myself-i via flickr

A RECAP OF THOR’S UNAMUSING FLEA IN-FEST-ATION

After we reported “Memorial Day Weekend Mania: Thor Equities Coney Flea In-Fest-ation Is a Flop” (May 27, 2009), Thor brazenly went back to calling the so called fest “Flea by the Sea,” both on their website and ads. And why not? “Festival by the Sea” was indeed a flea market by the sea. Even though the permit was for a “temporary fair” because the original application for a flea market was disapproved by the DOB, the City did not enforce its own zoning against the illegal flea market in the amusement zone. “Tons of fun” it was not. A salsa band playing two sets on Saturday and Sunday was the sole entertainment at what was wrongfully billed as “A uniquely entertaining and amusing flea market in Coney Island.” We are not exaggerating. If you can stomach it, please view our complete flickr set of Thor Equities Flea Market.

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

May 31, 2009: We were not amused by auto supplies at Thor Equities Flea Market in Coney Island. In the background: Shuttered Balloon Racing Game in Thor-owned Henderson Bldg. Photo © Tricia Vita/me-myself-i via flickr

Yet we saw police towing away ice cream carts belonging to vendors who lacked licenses. The little guys get their businesses shut down while Thor gets this incubator project for his shopping mall. To people who say to us, the tents are pretty or it’s better than an empty lot, we say Thor Equities deliberately created the empty lots on Stillwell in 2007, when they evicted or bulldozed thriving amusements. Remember the batting cages, go karts, bumper boats, mini golf, and climbing wall? Let’s bring ’em back to Coney Island in 2010.

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

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

Sundown at Thor’s Unamusing “Festival by the Sea” Flea

Posted in Coney Island, Real Estate, Redevelopment, tagged Coney Island, Festival by the Sea, flea market, Joe Sitt, tent, Thor Equities on June 7, 2009| 1 Comment »

Thor Equities Festival by the Sea tent on west side of Stillwell Ave on Saturday afternoon. Photo by me-myself-i/Tricia Vita via flickr

On Saturday morning, Thor Equities flea crew brought in a pump to remove the pool of rain water from the site on the east side of Stillwell where the tentless flea is held. The structure on the west side of Stillwell pictured above remained waterlogged. It is not being used since they don’t even have enough vendors to fill the spaces on the east side. The framework is still being reinforced to satisfy the DOB’s requirements and some of the tenting has been replaced. The tents have yet to get a C of O.

After the water was pumped out, vendors drawn to Thor’s flea by the steeply discounted rate of $20-$25 per space (plus the fee for tables and chairs) were able to set up their stands. A banner on the fence insists that the festival is “MUCH MUCH MORE THAN A FLEA MARKET.” Their caps, not mine. A more accurate statement would be IT’S NOT MUCH OF A FLEA MARKET AND IT DOESN’T BELONG IN CONEY ISLAND’S C-7 AMUSEMENT DISTRICT. My caps.

Tube sox at Thor Equities "Uniquely Entertaining and Amusing Flea Market" in Coney Island. Photo by me-myself-i/Tricia Vita via flickr

When I stopped by at sundown most of the vendors were packing up for the day. On the land where the Tornado Roller coaster (1927-1977), the Bobsled (1941-1974), and Stauch’s Baths and Dance Hall (1930-1998) once stood, where the Bumper Boats, Go Karts, Climbing Wall, Batting Cages and Mini-Golf thrived until Joe Sitt bulldozed them in 2007, we now have tube sox, new and used clothing, and odds and ends like auto supplies, a water filtration system, a company that installs showers.

Packing up boxes of shoes at Thor's flea market. Photo by me-myself-i/Tricia Vita via flickr

In the three visits that I have paid to the flea, I rarely see the same vendors twice. Perhaps that’s why the flea management is offering special deals like “bring a buddy as a vendor” to earn a free day for yourself. And “earn a free Friday when you purchase a Saturday and a Sunday for the same weekend.” One of my Coney friends said, “If the prices get any lower, Thor will be paying vendors to come.”