Thor To Add Local Flavor To Coney Island By Leasing Major Surf Avenue Parcels To Local Brooklyn Merchants At Reduced Rents For 2013

Dec 19, 2012, 12:00 ET from Thor Equities

BROOKLYN, N.Y., Dec. 19, 2012 /PRNewswire-USNewswire/ -- In an effort to help recruit local businesses to Coney Island, Thor Equities will slash rents at its parcels at the brand new building at Surf and Stillwell for the Summer of 2013 and fill the spaces primarily with Brooklyn-based merchants, Thor CEO Joe Sitt announced today.

"Coney Island's popularity has reached record proportions, but we can never forget what got us here – local, ahead-of-their-time business owners who brought flair, hipness and edge to the People's Playground," Sitt said. "While it is wonderful that national chains are now coming to Coney, providing needed jobs and year-round revenue to the community, we must always remember the history of this iconic neighborhood."

Thor will work with the Brooklyn Chamber of Commerce to recruit Brooklyn-based businesses to the new building at 1232 Surf Avenue, all of which will complement national chains like Applebees, Johnny Rockets and Grimaldis that have signed leases for upcoming years.

"We are thrilled to be partnering with Joe Sitt and Thor Equities in helping recruit local businesses to Coney Island," said Carlo A. Scissura, President & CEO of the Brooklyn Chamber of Commerce. "This program is especially important in the aftermath of Hurricane Sandy and will go a long way in making sure that Coney Island remains a vibrant neighborhood and tourist attraction as well as a place where small businesses can thrive and Brooklynites can get jobs."

Thor Equities is a global leader in urban real estate development, leasing and management, pursuing premier hotel, commercial, residential, retail and mixed-use assets in high-density areas. Through its brokerage affiliate, Thor High Street, it is also a premier leasing agent for third-party property owners and exclusively represents global retailers in their search for prime urban locations in North America, Europe and Latin America. Thor Equities provides the best possible "High Street" retail, commercial, hotel and mixed-use building environments within urban centers across the United States ­ all while delivering attractive, risk-adjusted returns to high net work and institutional investors.

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