Freedomland U.S.A. (often shortened to Freedomland) was a theme park dedicated to American history in the Baychester section of the North Bronx in New York City, United States. Freedomland was built on marshland owned by the Webb and Knapp company, of which William Zeckendorf Sr. was the major owner. Zeckendorf announced his plans for Freedomland in May 1959. The park, conceived and built by C. V. Wood, consisted of over 40 attractions arranged in the shape of a large map of the contiguous United States. Groundbreaking ceremonies for Freedomland occurred in late 1959, and Freedomland opened to large crowds on June 19, 1960.
Because of Freedomland's $65 million construction cost, the park faced financial issues; by the end of the 1961 season, Freedomland had $8 million in debt. To generate revenue, the park added more exhibits and conventional amusements. By 1963, further financial issues led the owners to sell off a portion of Freedomland's site to a pension fund of the Teamsters, as well as close off a section of the park. Even though Freedomland's planners anticipated that the park would eventually be developed into a full-time amusement area, Freedomland closed permanently at the end of the 1964 season, filing for bankruptcy on September 14, 1964.
In the late 1960s and early 1970s, part of the Freedomland site was redeveloped as Co-op City, the world's largest co-op housing development. The Bay Plaza Shopping Center was built on another part of the site. Many Freedomland attractions and design features were auctioned or sold to other parks, and many of these rides no longer exist. While little physical evidence of Freedomland remains, several media works commemorate the former amusement park.
Bankruptcy....... On September 13, 1964, Freedomland closed for the season. Within three days, Freedomland Inc. had filed for bankruptcy. At the time, Freedomland Inc.'s liabilities were $27 million, about three times its $9 million in assets. The largest creditors, in order, were the IRC, the NDC, Zeckendorf, and the Internal Revenue Service. The bankruptcy filing nearly caused the collapse of the Teamsters Union, which held the mortgage on the property. Freedomland had never earned a net profit in each of its five operating seasons; if it were downsized 30 acres (12 ha), Freedomland estimated that it could make a $25,000 profit if it were to reopen in 1965. Freedomland never reopened, and its attractions, buildings, and other features were auctioned and sold during 1965
Redevelopment..........The NDC indicated in 1965 that it would sell about 300 acres (120 ha) of its 400-acre (160 ha) holdings in the northeast Bronx to the United Housing Foundation, In February 1965, the United Housing Foundation announced plans for the Co-op City development, a 15,500-unit housing cooperative, on the site. Even as these plans were announced, Freedomland was still negotiating to operate 30 acres adjacent to Co-op City. The New York City Planning Commission approved these plans in May 1965, with no provisions for an amusement park.[197] By early the next year, most remaining portions of Freedomland were destroyed. Co-op City was constructed on Freedomland's parking lot and the Little Old New York and Satellite City areas during the late 1960s,[198] and the first residents began moving to the area in 1968. The construction of Co-op City contributed to large areas of salt marsh degradation, exacerbating a process that had started when Freedomland was built. For more detailed information log on to Freedomland U.S.A. - Wikipedia
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