The deal is the first of what NYCEDC expects to be a series ofland acquisitions in the coming months. The Ward Realty Corp. siteis located within the nine-acre area the City has designated to bemapped as parkland. The NYCEDC did not answer GlobeSt.com queriesby deadline. Ward Realty Corp. was unable to be reached bydeadline.
Under the City's rezoning plan for the area, the parkland willestablish a base for developing new year-round indoor and outdooramusement uses, "while still maintaining Coney Island's uniquecharacter," according to a prepared statement. The acquisition theWard site will bring the total amount of city-owned property withinthe footprint to about four acres.
According to Seth Pinsky, president of the NYCEDC, in a preparedstatement, "the acquisition of the Ward property provides furtherevidence of the City's commitment to preserve Coney Island's uniqueheritage and protect the amusements in perpetuity. This importantdeal brings us one step closer to our twin goals of maintainingwhat is best about Coney Island, while simultaneously building avibrant, modern mixed-use community."
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