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Thor Equities To Offer Cheaper Rent For New Coney Building

Posted By Willie Simpson On December 26, 2012 @ 10:00 am In News & Features | 6 Comments

Thor’s vision for its Surf Avenue properties. Source: Thor Equities

Thor Equities, the global urban real estate developer, has announced plans to rent parcels at reduced rates in its new building at the corner of Surf Avenue and Stillwell Avenue in an effort to encourage the growth of local small businesses in the area, according to a press release [1].

“Coney Island’s popularity has reached record proportions, but we can never forget what got us here – local, ahead-of-their-time business owners who brought flair, hipness and edge to the People’s Playground,” announced Thor CEO Joe Sitt, adding, “While it is wonderful that national chains are now coming to Coney, providing needed jobs and year-round revenue to the community, we must always remember the history of this iconic neighborhood.”

So far, reaction to this plan remains skeptical. Amusing The Zillion [2] highlighted a 2008 New York Post [3] article in which Sitt took severe measures against local Coney business operators, by clipping and changing their storefront locks on Christmas Eve, and hanging “For Lease” signs in their storefront windows. Has Sitt pulled a 180 on small businesses?

Another caveat in Sitt’s altruistic gesture to the local small business people of Coney Island is that the rents will only be slashed for 2013. Amusing The Zillion, recalling the documentary “Zipper,” noted that Sitt’s real plans for Coney Island’s future involves installing a series of national chains. In the documentary, Sitt listed Dave and Buster’s, the Hard Rock Cafe, Ripley’s Believe It Or Not and Howie’s Game Factory as his choices to fill in and replace the Coney landscape.

Thor’s new one-story building is on the spot once occupied by the century-old [4] Henderson Music Hall, a building that was demolished when the city re-zoned it in July 2009. Since being erected last January, the sleek and sterile-looking new building has since been covered with plywood decorated in the Coney Island style, promising “THE RETAIL RIDE OF A LIFETIME,” with info about leasing opportunities.

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URL to article: http://www.sheepsheadbites.com/2012/12/thor-equities-to-offer-cheaper-rent-for-new-coney-building/

URLs in this post:

[1] press release: http://www.prnewswire.com/news-releases/thor-to-add-local-flavor-to-coney-island-by-leasing-major-surf-avenue-parcels-to-local-brooklyn-merchants-at-reduced-rents-for-2013-184116361.html

[2] Amusing The Zillion: http://amusingthezillion.com/2012/12/24/in-thors-coney-island-discount-on-retail-ride-of-a-lifetime/

[3] New York Post: http://www.nypost.com/p/news/regional/brooklyn/item_6wNKcNT2z0dDNp1htj2PQI

[4] century-old: http://www.sheepsheadbites.com/2010/05/save-coney-island-issues-action-plan/

[5] Salon Tackles The History Of Coney Island Development And The New, New Coney Island: http://www.sheepsheadbites.com/2013/08/salon-tackles-the-history-of-coney-island-development-and-the-new-new-coney-island/

[6] Local Pols Band Together To Waive Fees For Businesses Recovering From Sandy: http://www.sheepsheadbites.com/2013/03/local-pols-band-together-to-waive-fees-for-businesses-recovering-from-sandy/

[7] “Post-Sandy Recovery Resource Seminar” For Homeowners And Businesses Still Struggling: http://www.sheepsheadbites.com/2013/04/post-sandy-recovery-resource-seminar-for-homeowners-and-businesses-still-struggling/

[8] Small Businesses Get A Hand From New $5.5 Million Grant Matching Program: http://www.sheepsheadbites.com/2012/11/small-businesses-get-a-hand-from-new-5-5-million-grant-matching-program/

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