NEW YORK, April 18 (UPI) -- New York Mayor Michael Bloomberg says he has made the city's final offer to buy Coney Island.
The New York Daily News reported Saturday the city wants the property to redevelop it and has offered $105 million for 10.5 acres developer Thor Equities owns.
Thor had floated a price of $250 million in November. The city's previous offer was $5 million more than was offered more recently, the newspaper noted.
"The bottom line is we can only pay so much -- that's it," the mayor was quoted by the newspaper as saying. "The city does not have unlimited money."
Bloomberg said the city cannot afford to pay more for the property amid the souring economy.
"We don't have enough classrooms; we don't have enough clinics; we don't have enough infrastructure things," Bloomberg said. "Government is about making choices and setting priorities, and this is our priority."
