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June 17, 2010
Thor’s Sitt says he was "blindsided" at Coney Island, others say challenges to be expected
The Real Deal
by Candace Taylor
The developers of three significant -- and often controversial -- Brooklyn projects commiserated about the challenges of building in the borough at a panel today, while sharing how they embrace those challenges.
The panel, part of GreenPearl's Brooklyn Real Estate Summit, was held at St. Francis College in Downtown Brooklyn. Panelists included Joseph Sitt, the chairman and CEO of Thor Equities, which owns much of the commercial real estate in Coney Island even after selling 6.9 acres to the city for $96 million last year. Also present were MaryAnne Gilmartin, an executive vice president at Forest City Ratner, the developer of the massive Atlantic Yards project in downtown Brooklyn, and Andrew Kimball, the CEO of the Brooklyn Navy Yard Development Corp.
The moderator of the panel, the Brooklyn Economic Development Corporation's Joan Bartolomeo, asked the three if they ever get sick of the politics and hassles that accompany large development projects in New York City.
Perhaps Joan should've asked Brooklyn residents and property owners if they ever get sick of having their homes seized for private development fueled by massive public subsidies, or the gridlock and endless horn-honking caused by the absence of planning, or the corrupt politics that masquerade as public "process."
Sitt said he was surprised by the emotional public response to his plans to redevelop Coney Island, including removing aging buildings to make way for newer attractions.
"I admit, in the case of Coney Island, I got kind of blindsided," he said.
Ten years ago, the Brooklyn-native said, "nobody had any interest in Coney Island," adding that he got involved in the seaside amusement district "not so much for the investment," but more "as a personal hobby, to try to give back" to the community.
Joe, why didn't you say so? If we'd only known it was all about philanthropy, we would've tossed roses at you and kissed your benevolent feet.
Gilmartin said her company Forest City Ratner is prepared for the "great challenges" that come with their projects. "If you want to be an urban developer, this is what comes with the territory," she added.
Forest City Ratner's projects are often more challenging because they build from the ground up, rather than purchase properties built by others, and the company often engages in complicated public-private partnerships.
Those "complicated public-private partnerships" are well worth the billions in free taxpayer dollars and the handover of other people's properties.
Posted by eric at June 17, 2010 9:51 AM