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Domino Sugar Factory May Be Sold For $160 Million To Two Trees
By
Jen Chung
Published Jun 10, 2012
Modified Jun 10, 2012
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By
Jen Chung
Published Jun 10, 2012
Modified Jun 10, 2012
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Back in 2004, the huge Domino Sugar Factory on the Williamsburg waterfront was purchased by a developer who had a hand in gentrifying Fourth Avenue in Park Slope, in partnership with Community Preservation Company. Ambitious plans for a mixed-use development were drawn up and shown to the public Now, the Daily News reports that DUMBO mega-developer Two Trees may be buying the building and land for $160 million... if it's not blocked by one of the parties.
According to the News, "Two Trees made its offer to the site’s current owners, a troubled partnership between Community Preservation Company (CPC) and Katan Group. Katan, in a statement, announced it would attempt to block the Two Trees deal and accused CPC of cutting an agreement behind their backs." Katan said, "We were very surprised to learn of this purported deal. It’s disappointing that our supposed partner has hidden this negotiation from us. We are studying the possible deal, but one thing is obvious: CPC is undervaluing the asset yet again."
Katan and CPC bought the building for $40 million; Katan thinks it's worth $200 million. Katan is also suing CPC over allegedly mismanaging the project and using funds from its $125 million loan.
A local broker told the News, "Two Trees know how to build on the waterfront and they know historic conversion... They would get this done. If it gets held up in court, it’s the people of Williamsburg who lose. Right now, Domino is like this void in the neighborhood." Well, whoever develops it will probably face neighborhood opposition if they propose a huge complex.
We still think our idea of the factory becoming a museum would be awesome. Anyway, for fun, here's a video of the Undercity crew breaking into the factory:
Tagged
brooklyn
real estate
waterfront
williamsburg
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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