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After a year of ultimatums, threats and stop-and-go talks, the Bloomberg administration has agreed to pay $95.6 million to Joseph J. Sitt of Thor Equities for seven acres in the heart of Coney Island, according to executives on both sides of the negotiations. It is a crucial step forward for the city’s vision of turning the faded and mostly dormant seaside amusement district into an exciting destination reminiscent of its heyday.
Read more from The New York Times.