The Real Deal New York

Posts Tagged ‘katan group’

  • The Domino sugar factory site in Williamsburg

    Developer Katan Group has been slapped with $1 million in legal fees resulting from three lawsuits surrounding the sale of the Domino Sugar factory in Brooklyn. A New York state judge ordered Katan to pay its former investment partner, developer CPC Resources, the fees after rejecting their argument that invoices from the suit were unclear. [more]

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  • Domino-Sugar2

    Domino Sugar Factory in Williamsburg

    Developer Katan Group continues to fight to upend a series of court decisions that enabled the $185 million sale of the Domino Sugar factory site in Williamsburg to Two Trees Management.

    The trial judge who allowed the sale to proceed erred throughout the litigation, an attorney for Katan told a four-judge appeals court panel. [more]

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  • From left: Jed Walentas and the Domino Sugar plant

    Following last week’s end to a legal battle over the fate of the Domino Sugar plant, redevelopment at the site is now slated to restart.

    In a statement to Crain’s, Two Trees, which purchased the 11-acre property from CPC Resources for $185 million, said that it would spend time in dialogue with area residents and community leaders. “This dialogue will help inform our decision whether to build the approved plan under the existing zoning, or to seek to improve upon it through a new public process,” the statement said. Principal Jed Walentas has already been meeting with local groups and City Councilmember Stephen Levin to get community feedback. [more]

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  • Domino Sugar Factory

    A court has temporarily stopped the contracted sale of the Domino Sugar Factory development site to Two Trees Management, Crain’s reported. The sale has been tangled in a legal web ever since the Katan Group, a partner of CPC Resources in the development of the site, sued to block CPC’s sale of the site because it felt its partner did not pursue the highest possible price. In June, Two Trees agreed to pay $180 million in the transaction.

    But last week the state’s Supreme Court dismissed Katan’s lawsuit because the firm “did not have the right of first refusal” on the property. Katan appealed that decision, and yesterday the Supreme Court Appellate Division allowed for an emergency stay to prevent the sale from closing until Katan’s appeal is addressed. [more]

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  • From left: Joseph Chetrit (credit: DNAinfo) and the Domino Sugar Factory site

    The Katan Group is again taking legal action to have greater say over the fate of the Domino Sugar Factory development site it owns with CPC Resources. The New York Observer reported that Katan Group filed a lawsuit to block the contracted $180 million sale of the site to Two Trees Management.

    And, like similar recent actions, the firm is claiming partner CPC Resources did not “engage in a process to maximize value,” when pursuing the sale. Katan said Joseph Chetrit was willing to pay as much as Two Trees, Sage Capital was willing to pay $10 million more and a firm called Heritage was offering $200 million for the development site. [more]

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  • Two Trees' Jed Walentas and the Domino Sugar Factory

    Two Trees Development has signed a contract to buy the Domino Sugar Factory site on the Williamsburg waterfront for $185 million, the New York Times reported. The deal, previously reported to be in the works for $160 million, gives new life to the planned $1.4 billion development of 2,200 housing units that was once thought to be dead. [more]

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  • Two Trees' Jed Walentas and the Domino Sugar Factory

    Two Trees Management is in talks to purchase the Domino Sugar Factory site on the Williamsburg waterfront for $160 million, the New York Daily News reported. The property’s owners, Community Preservation Corp. and the Katan Group, have engaged in a legal battle over development plans in recent months, and Katan is planning to block a sale to Two Trees. [more]

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  • Domino injunction rejected

    May 02, 2012 05:30PM

    Domino Sugar Refinery

    A judge has rejected a bid by an investment partner at the Domino Sugar Factory to block its partner from recapitalizing the proposed $1.5 billion project, the New York Observer reported. Katan Group, the project’s main investment partner, filed suit last month seeking to block the deal to sell the project back to its lender, Pacific Coast Capital Partners, as The Real Deal has previously reported. But in state Supreme Court today, Katan’s injunction was not approved, the Observer said. [more]

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  • From left: Attorney Y. David Scharf of Morrison Cohen, Attorney Mark Walfish of Katsky Korins and Domino Sugar Factory

    A state Supreme Court judge said she would rule on an injunction request at the struggling Domino Sugar Factory site in Williamsburg by May 4, after lawyers for developer CPC Resources and its main investment partner battled over a deal to sell the proposed $2 billion housing and retail project. [more]

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  • The Domino sugar factory site in Williamsburg

    The Katan Group, one of two firms that are redeveloping the Domino sugar factory site in Williamsburg into a waterfront mixed-use residential and retail development, has filed a lawsuit against its partner, CPC Resources, Crain’s reported. [more]

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  • From top: An early rendering of the Domino Sugar project and the current site

    Less than 10 months after clearing the final hurdle for developing the 11-acre area surrounding the Domino Sugar factory in Williamsburg into 2,200 residential units, developer Community Preservation Corporation is exploring a sale of the site, the New York Observer reported. [more]

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  • From left: Michael Lappin, CPC Resources Senior Vice President Susan Pollock and the Domino sign

    The developers of the Domino Sugar Refinery site on the Williamsburg waterfront responded to one of the project’s main criticisms — that its 660 affordable apartments would become market-rate after 15 years — by saying today that housing would permanently stay affordable. Susan Pollock, senior vice president of project developer CPC Resources, said the about-face came after realizing the rezoning for Williamsburg and Greenpoint passed in 2005 required waterfront developers to include permanent, not temporary, affordable housing in their projects in order to receive a density bonus. Although the five-block Domino site, once the world’s largest sugar refinery, was not included in that rezoning, Pollock said they promised to follow those rules for the project’s 660 affordable apartments, out of 2,200 condos and rental units spread throughout six buildings that would be constructed over a 10-year period. … [more]

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