Nov. 28 (Bloomberg) -- Astroland Amusement Park on the Coney Island boardwalk in Brooklyn, which offered rides and thrills to generations of New Yorkers, was sold to a developer planning to turn it into a year-round resort.

The park will close after the 2007 summer season as part of an agreement with buyer Thor Equities LLC, a New York-based development firm, according to a statement released by the sellers, the Albert family. Dewey Albert, father of current owner Jerome Albert, opened the park in 1962, the statement said.

``Astroland and the Albert family have helped define Coney Island's unique character over the last half-century,'' said Brooklyn Borough President Marty Markowitz in a statement.

Thor, whose chief executive officer is native Brooklynite Joseph Sitt, is planning a $1.5 billion development, which is to include a 4,000 foot-long roller-coaster, an indoor water park with wave pools, and a multilevel carousel, said Lee Silberstein, a Thor spokesman. The plan also includes a hotel and an undetermined amount of residential development to ``generate revenue to pay for amusements,'' he said. The plans have yet to be approved by city zoning officials.

Lynn Kelly, president of the Coney Island Development Corp., said the city is committed to revitalizing Coney Island as a ``year-round entertainment district.''

No price was given. The owners said they couldn't afford to convert the park to year-round operation. The Alberts will continue to operate the landmark Cyclone roller-coaster, which will be 80 years old next year, under a contract with the city of New York, according to the statement.

Owning ``Astroland will allow us to continue that project,'' Silberstein said. ``We're thinking way out of the box.''

Astroland opened two years before Steeplechase Park, the last of Coney Island's three classic early 20th century amusement parks, shut down.

To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net.

Last Updated: November 28, 2006 18:42 EST