NYCEDC To Acquire Piece of Coney Island

BROOKLYN, NY-The New York City Economic Development Corp. has signed a property acquisition agreement with Ward Realty Corp. to acquire approximately one acre in the amusement core in Coney Island, Brooklyn. Under the terms of the purchase agreement, the NYCEDC will acquire the land for $11 million. The current tenant, Wonder Wheel Park maintains a lease to operate on the property for a term of 12 years, through 2020.

The deal is the first of what NYCEDC expects to be a series of land acquisitions in the coming months. The Ward Realty Corp. site is located within the nine-acre area the City has designated to be mapped as parkland. The NYCEDC did not answer GlobeSt.com queries by deadline. Ward Realty Corp. was unable to be reached by deadline.

Under the City’s rezoning plan for the area, the parkland will establish a base for developing new year-round indoor and outdoor amusement uses, “while still maintaining Coney Island’s unique character,” according to a prepared statement. The acquisition the Ward site will bring the total amount of city-owned property within the footprint to about four acres.