Coney Island's Last Carousel Saved

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New York City has bought a piece of its own history. The famous B&B Carousel on Coney Island is the last of 25 which dotted the neighborhood over the years. The $1.8 million spent by the city is part of the Coney Island re-development project.

REPORTER: The 50 hand-carved horses, chariots and original band organ have been working on Surf Avenue since 1932. They could have been sold off in pieces or to an interested Las Vegas Casino at an auction for much more money. But the owner, The McCollough family, wanted it to stay intact on Coney Island.

Carol McCollough presented Mayor Bloomberg with a token of the carousel's past. Something riders may remember well.

MCCOLLOUGH: we would like to ceremonously present you the brass ring. fantastic, thank you. Now do I get a free ride with the brass ring?

REPORTER: The carousel is to be part of the city's investment in the re-development of Coney Island. The City's Parks Department is planning to restore and move the carousel closer to the boardwalk, near the Parachute Jump.

» Longer story on the carousel with photos