Coney Island landlord cuts merchants a break | Crain's New York Business
A Brooklyn developer is giving back to his storm-tossed stomping grounds.
Thor Equities CEO Joe Sitt is offering to cut rents for four storefronts he owns on Coney Island by 40%. The idea is to lease the spaces to local Brooklyn merchants ahead of the 2013 beach season.
The spaces are small storefronts on the corner of Surf and Stillwell Avenues. Market rate rent would usually be between $50 per square foot and $125 per square foot.
A Thor Equities spokesman noted that Mr. Sitt is from the Coney Island area and that he wanted to make sure his part of Brooklyn didn't get overlooked in recovery efforts. Though the area has recently seen a major revitalization, those efforts were set back by Superstorm Sandy. But as Coney Island cleans up and rebuilds for next year Mr. Sitt wants to do his part.
"South Brooklyn doesn't have all the same amenities that North Brooklyn has now," said the spokesman. "So we want to see who we can get for a really exciting 2013 season."