Seeking Revival, City to Buy Land in Coney Island

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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 a developer 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.

The city’s deal with the developer, Joseph J. Sitt, capped a long standoff between the two sides, with each claiming it had the best plan for the revival of the fabled playground, but neither able to bring its plan to fruition in a deadly real estate market.

The city will announce the deal on Thursday, but the reality of a revived Coney Island remains a long way off.

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