Astroland Park, opened in 1962 by the Dewey Albert, served as a neighborhood anchor for over 4 decades--surviving recessions, urban renewal, racial tensions and the crack epidemic. But it couldn't survive Thor Equities, who bought the property (but not the amusement park business) from the Albert family in November, 2006. In its place will be Coney Island Park, part of a planned year-round resort.
The a 3.1-acre park, adjacent to the Coney Island boardwalk owes its name to the the Cold War space race. A red, white, and blue rocket ship, rises above the rides with "ASTROLAND PARK" painted across its fuselage.
The Park became most famous for the Cyclone, the 1927 wooden rollercoaster that it saved from condemnation and potential demolition in 1972 by leasing from the City of New York for $57,000 a year. The municipally owned Cyclone was not part of the Thor sale, and the Albert family will continue to operate it under its contract with the City.