A day after the Post reported that historic Gargiulo’s Restaurant in Coney Island was being purchased by developer Joe Sitt and Thor Equities–and a source told us it wasn’t so–the Post has an update: The owners of Gargiulo’s aren’t selling to the firm that is buying up vast areas of Coney Island. The Post writes:

A developer’s bid to buy a famous Coney Island Italian restaurant and convert the site into luxury housing appears to be toast. Nino Russo, co-owner of Gargiulo’s Restaurant, a neighborhood institution, told The Post yesterday he plans to reject Thor Equities’ offer.

“We are going to be celebrating our 100th anniversary in 2007, so we have no intention of selling yet,” he said.

We note the word “yet” appended to the sentence. We’re certain there are significant Coney land deals to come in 2007.