The Real Deal New York

City Council to cast final Domino Sugar vote

Plan now includes 538,000 square feet of affordable apartments

May 14, 2014 11:50AM

A rendering of the Domino factory conversion

A rendering of the Domino factory conversion

The New York City Council is scheduled to vote on the final plan for the Domino Sugar Plant redevelopment in Brooklyn on Wednesday.

The plan now includes taller buildings on fewer sites, Jed Walentas of Two Trees Management said at a Young Men’s/Women’s Real Estate Association luncheon, as the New York Post reported. Two Trees won the approval to demolish the former sugar factory last summer. Walentas said also that the center building of three will be a commercial office tower.

“We tried to integrate the new development into the surrounding community,” Walentas said at the luncheon.

A new extension of River Street will run north-to-south through the site and will separate the buildings from the esplanade and the riverfront park, according to the New York Post.

The development will have a total of 538,000 square feet of affordable apartments and the affordable units will be spread throughout all the buildings on the site, as per an agreement the developer reached with the de Blasio administration.

Initially, 20 percent of the building was slated to be affordable. Forty thousand square feet of affordable units have since been added. For the market rent units, Walentas told the New York Post, the rate will be in the $50s per square foot. [NYP] — Claire Moses

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