The ceremony began with a ribbon cutting at Luna Park, where the new ride replaced the original wooden Thunderbolt.
Coney Island was among the many local beaches and boardwalks that was open for business this Memorial Day Weekend.
The Thunderbolt will take riders on a vertical lift, a 115-foot vertical drop, then a 100-foot vertical loop and five inversions. It will be the first coaster to include a loop since 1910, except for a very short-lived one in the 1980s.
The Thunderbolt will be 125 feet tall and will reach speeds of 65 mph, according to the New York City Economic Development Corporation.
The former 3-acre site of a roller coaster at Coney Island is back on the market.