Those looking for a Coney Island fire sale will have to keep walking. The daughter of the late developer Horace Bullard pulled a chunk of his real estate portfolio — among the most prized in the neighborhood — off the market several months ago, and some analysts think the decision indicates she will not sell the properties at discount rates, the New York Times reported.
Jasmine Bullard inherited such properties as the Shore Theater and the Thunderbolt and Playland Arcade site when her father died in April. These Surf Avenue properties had been on the market for a total of $102 million with Richard DiPietro of Coldwell Banker.
Between January and June, the Shore Theater building received more than 200 sales inquiries, 10 of which were presented in writing, DiPietro told the Times.
“We are finally starting to see things happen,” he said.
Still, observers are waiting to see whether Jasmine Bullard will redevelop the properties. Some experts told the Times that she should wait to sell because improving land values could enable her to get even higher prices after the summer. [NYT] –Mark Maurer