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The parade pays homage to the tradition of the Coney Island Mardi Gras parades of the very early 20th century, when Coney Island was at its zenith as the primary amusement destination for the great majority of the inhabitants of New York City. Similar in spirit to the annual Village Halloween Parade, the mermaid parade is the closest thing New York has to a Mardi Gras.

Each year, a different celebrity King Neptune and Queen Mermaid rule over the proceedings, riding in the Parade and assisting in the opening of the Ocean for the summer swimming season by marching down the Beach from the Boardwalk, cutting through Ribbons representing the seasons, and tossing fruit into the Atlantic to appease the Sea Gods. In the past, David Byrne, Queen Latifah, Ron Kuby, Curtis Sliwa, Moby, and David Johansen have graced our shores, presiding over the assembled masses.

The Mermaid Parade is Coney Island’s busiest day of the year and the traffic is terrible. Having said that, the New York Aquarium and Keyspan Park both have parking lots, and there are a number of private lots between Surf and Neptune Avenues and West 8th Streets and West 17th Streets. Coney Island USA strongly encourages people to make use of the mass transit system.

Even though the history of Coney Island's name and its Anglicization can be traced through historical maps spanning the 17th century to the present,[8] and all the names translate to "Rabbit Island" in modern English, there are still those who contend that the name derives from other sources. Some say that early English settlers named it Coney Island after its cone-like hills. Others claim that an Irish captain named Peter O'Connor had, in the 1700s, named Coney Island after an island (Inishmulclohy) in County Sligo, Ireland. Yet another purported origin is from the name of the Indian tribe (the Konoh tribe) who supposedly once inhabited it. A further claim is that the island is named after Henry Hudson's "right-hand-man" John Coleman, supposed to have been slain by Indians.

The presence of threatening youths did not impact the beachgoing so much as it discouraged visitors to the rides and concessions - the staples of the Coney Island economy. A major blow was struck in 1964 when Steeplechase Park, the last of the major parks, closed.

In 1949, Moses moved the boardwalk back from the beach several yards, demolishing many structures, including the city's municipal bath house. He would later demolish several blocks of amusements to clear land for both the New York Aquarium and the Abe Stark ice skating rink. Critics complained that Moses took three times more land than each structure needed, surrounding each with vacant lots that were of no use to the city.

In 2003, Mayor Michael Bloomberg took an interest in revitalizing Coney Island as a possible site for the 2012 Olympics. A plan was developed by the Astella Development Corporation. When the city lost the bid for the Olympics, revitalization plans were rolled over to The Coney Island Development Corporation (CIDC), which came up with a plan to restore the resort. Many amusement owners worried that because one of the report's goals to develop the area as a year-round destination, they could be forced out as their businesses are only seasonal and did not meet the CIDC's year-round goal. The CIDC also suggested that property north of Surf Avenue and west of Abe Stark should be rezoned for other uses including residential to lure developers into the area. Shortly before the CIDC's plans were publicly released, a development company, Thor Equities, purchased all of Bullard's western property, worth $2.2 million, for $16 million. Now owning property that was earmarked for rezoning to residential, they sold the property to Taconic for a $72 million profit. Thor then went about using much of the $72 million to purchase property well over market value lining Stillwell Avenue and offered to buy out every piece of property inside the traditional amusement area. Quickly, rumors started that Thor was interested in building a retail mall in the heart of the amusement area. In September 2005, Thor's founder, Joe Sitt, went public with his new plans, which he claimed was going to be a large Bellagio-style hotel resort surrounded by rides and amusements. He also claimed that the interior of the resort would have an indoor mall that would allow local amusement owners to relocate their rides and operate them indoors year round and made promises that he had no intention of driving out any local amusement owners and wanted them all to be part of his new resort. Sitt released renderings of a hotel that would take up the entire amusement area from the Aquarium to beyond Keyspan Park and would most likely need to involve the demolition of The Wonder Wheel, Cyclone, and Nathan's original hot dog stand, as well as the new Keyspan Park. At the same time, the borough of Brooklyn was involved with two other major development projects: the Atlantic Yards project, which involved eminent domain; and the Brooklyn Bridge Park project, which involved the demolition of a building with landmark status. Many feared that the city had already backed Thor's plans and that the entire amusement district would be demolished to make way for the new multimillion dollar resort.

Wonder Wheel. Built in 1918 and opened in 1920, this steel Ferris wheel has both stationary cars and rocking cars that slide along a track. It holds 144 riders, stands 150 feet (46 m) tall, and weighs over 2,000 tons. At night the Wonder Wheel's steel frame is outlined and illuminated by neon tubes. It is part of Deno's Wonder Wheel Amusement Park.
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