10/06/2010 09:54 am ET | Updated May 25, 2011

City Looking To Improve Coney Island Cylone, Seeking New Owner

Coney Island's world-famous roller coaster could be getting a makeover.

City officials are looking for a new owner for the 83-year-old wooden Cyclone. Current owner Carol Albert, who is giving up her lease this year, warns that running the historic coaster is no easy feat. "I've lost money on the Cyclone," Albert said. "We had a very successful season [last summer], but expenses are through the roof!"

On Tuesday the Park Department announced it would be looking for Albert's replacement, someone who could revamp the old ride and was knowledgable in historic restoration. The Cyclone, a city landmark, is poised to become the icon of the new incarnation of Coney Island, Luna Park, which opened last summer.

Next month the city will be seeking proposals for the new ride, so if you have any ideas...