This morning’s Post brings news of a potentially huge development in Coney Island: the city may be close to a deal worth between $200 million-$250 million to acquire all of developer Joe Sitt’s land in the amusement zone where the city would like to develop and amusement park. This land would include the Astroland property. The city has already bought a key parcel of and in Wonder Wheel Park. The Post reports:

The Bloomberg administration is in serious negotiations to buy 10.5 acres of real estate in Coney Island that once appeared unobtainable – a move that would save both Astroland Park and the mayor’s plans to revive the slumping seaside amusement district, The Post has learned. Developer Joe Sitt is ready to give up his controversial plan to build a $1.5 billion Vegas-style entertainment complex, which the mayor wants no part of, and instead sell all of the beachfront land he’s purchased to the city. “God willing, we will get this done soon,” said Councilman Domenic Recchia Jr., who convinced both Sitt’s company, Thor Equities, and the city to go to the bargaining table and is helping broker the deal. While a price is still being negotiated, it is expected that the city would have to shell out $200 million to $250 million for the land, sources close to the negotiations said.

The city would allow Astroland to operate next year. Per the Post: “A Sitt spokesman declined comment, but sources said the developer had a change of heart and is willing to give up his two-year game of chicken with the administration over the future of Coney Island for several reasons” including the city’s purchase of the Wonder Wheel park property, a possible Bloomber third term and Mr. Sitt’s desire for developments in Red Hook and Bensonhurst that would require city approval. Given all the ups and downs of the Coney story there is still a chance no deal will be reached.