Ruby's was one of several boardwalk businesses that did not have their leases renewed by their new landlord, Central Amusement International.
Only Nathan's Hot Dog Stand and Lola Starr Boutique are being allowed to keep their doors open.
Neil Monteko told WNYC he'd do almost anything to save Ruby's.
"I'd be more than happy to lay my body down in front of this building when they try to blast it down and replace it," Monteko says. "This is the real Coney Island. This is what people come to New York to see. It's here and it's special and we ought to respect it."
Central Amusement, which leases about six acres of the amusement zone from the city, has said they plan to invest millions in a revamped boardwalk and are hoping to attract establishments that will bring customers year round.
See photos of the bittersweet festivities below.