The city finalized an agreement with a developer Friday to purchase part of Coney Island, in the hopes of bringing life back to the boardwalk.
Thor Equities says it has closed the deal to sell 6.9 acres of land to the city for $96 million. Thor will retain about six acres of Coney Island.
The Bloomberg administration has been at odds with the developer over the best way to revive the amusement district.
The city plans to turn the area into a year-round entertainment destination with restaurants, retail space, and a new roller coaster. Thor plans to build hotels and shops on its portion of the land.
The City Council passed a rezoning plan in July to allow the proposal to move ahead.