NEW YORK (AP) — The owner of Coney Island's Astroland said Thursday she is calling it quits and the historic amusement park will close for good on Sunday.

Carol Albert, whose family has owned the Brooklyn amusement park for almost a half century, said she gave up on negotiating a two-year lease with Thor Equities after the developer missed a Thursday deadline to reply.

Thor spokesman Stefan Friedman said the company is "extremely disappointed that Carol Albert has decided to give up on the future of Coney Island when her current lease isn't even up for a number of months."

The park was under threat of closing a year ago, but Thor — which owns the land under the park — and Astroland agreed to a one-year lease extension. It was not clear if another last-minute reprieve was possible this year. Albert said she wanted a two-year lease this time, to cover the summers of 2009 and 2010, because her 300 employees needed more job security.