The Real Deal New York

Posts Tagged ‘two trees’

  • ashland

    Renderings of 286 Ashland Place

    Two Trees Management unveiled a new set of renderings offering a more detailed look at the proposed BAM South project at 286 Ashland Place in Brooklyn. [more]

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  • A Dumbo Two Trees advert

    A Dumbo Two Trees advert

    WEEKENDEDITION A Bronx organization for the developmentally disabled alleges in a new lawsuit that Two Trees Management unlawfully discriminated against the group.

    According to the lawsuit, Gateway Counseling Center attempted to lease Dumbo office space in 2011, but the deal fell through when Two Trees Management realized that Gateway works with Special Olympians, according to the New York Post. [more]

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  • The Domino Sugar Factory renderings and Jed Walentas

    The Domino Sugar Factory renderings and Jed Walentas

    Is New York City’s inventory crisis hopeless? The short answer is yes, barring a complete upheaval of the city’s housing regulatory scheme, according to Jed Walentas, principal of Brooklyn-based developer Two Trees Management. [more]

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  • 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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  • 133-Water-Street-Brooklyn-0209

    From left: Caroline Pardo and 133 Water Street

    Caroline Pardo, Two Trees’ director of commercial leasing, is taking a crack at residential dealmaking by selling her own two-bedroom condo in Dumbo for a 50 percent gain. [more]

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  • The former Domino Sugar factory

    Two Trees Management Company is pushing back its project at the old Domino Sugar Factory site an extra 100 feet from the East River to try to lessen the chance of damage from big storms like Hurricane Sandy, the New York Post reported. [more]

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  • Vishaan Chakrabarti of SHoP and a rendering of the Domino Sugar Factory site (Photo c/o SHoP Architects and James Corner Field Operations)

    Now that the public has had a chance to gawk at Two Trees Management’s revised plans for the Domino Sugar factory in Williamsburg, the bold plans are seeing both sweet and sour reactions, according to the Brooklyn Paper. [more]

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  • A rendering of the proposed project by Two Trees Management

    Two Trees Management’s new mixed-use development near the Brooklyn Academy of Music earned mixed reviews at a local community board meeting last night, although it gained conditional approval from the board’s land use committee, Brownstoner reported. [more]

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  • From left: Two Trees’ Jed Walentas and the Domino Sugar Factory

    Two Trees Management has begun the process of meeting with North Brooklyn residents to discuss the development of the Domino Sugar factory on the Williamsburg waterfront, Brownstoner reported. The developers most recently met with the community to get local residents’ input on the 3.2 acres of open space that’s part of the redevelopment plan. [more]

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  • 20 Jay Street

    Correction Appended: “Made in NY” Media Center, a planned 18,000-square-foot hub for the local media industry site at 20 Jay Street, will be developed and operated by the Independent Film Project, Mayor Bloomberg announced today. Two Trees Management will lease the space to IFP and Brooklyn-based MESH Architectures will handle design of the landmark building, which was originally designed by William Higginson for the Arbuckle Brothers in 1909. The space will specifically focus on collaborations between professionals in the film, television, advertising, new media, gaming, marketing and branding industries. The site is scheduled to open spring 2013. [more]

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  • Domino Sugar Factory

    A legal battle over the fate of the former Domino Sugar Factory site has ended. The State Appellate Court yesterday tossed out a lawsuit brought against Two Trees by the site’s co-owner, the Katan Group, the Observer reported. Two Trees, which entered into a $180 million contract for the property in June, will now be able to close on the site and begin construction. [more]

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  • Renderings of Mercedes House

    Two Trees, whose Domino Sugar factory project is stalled, is liquidating the top 10 floors of its 32-story Mercedes House on the Far West Side in a $170 million off-market deal with the Dallas-based Invesco, sources told Crain’s.

    Two Trees had originally set those floors aside for 162 residential condos;  while construction is still underway, the firm has decided to back out of the $600 million building’s final phase, over worries that marketing could take as long as two years. “This is an expedited route to achieve our exit plan with mitigated risk,” Asher Abehsera, general manager of residential for Two Trees, said. [more]

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  • The Domino Sugar Factory site

    Katan Group has lost another battle in its war to block partner CPC Resources from selling the Domino Sugar factory site to Two Trees Management.

    Katan claims CPC failed to find the best buyer or a high enough price for the project, but last week a New York State judge dismissed the company’s lawsuit alleging CPC breached their contract, Crain’s reported. The ruling found that Katan “did not have [the] right of first refusal on the property.” [more]

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  • From left: a rendering of Hawthorne Court and the former Domino Sugar factory

    European real estate firm Zeus Capital Partners has purchased a 95 percent complete distressed condominium project in Valley Steam, Long Island from Community Preservation Corporation, the owners of the former Domino Sugar refinery site on the Williamsburg waterfront, according to a statement today from Zeus.

    The Athens, Greece-based firm purchased the 90-unit condo for a total of $23.5 million, and expects to be able to deliver the units in three months time, the statement said. The complex is called Hawthorne Court, and is located at 125 South Cottage Street, in Valley Stream. [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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  • alternate<br /></a>text
    From left: Starwood Capital CEO Barry Sternlicht, RAL Companies CEO Robert Levine, Two Trees founder David Walentas and Brooklyn Bridge Park

    Extell Development, Starwood Capital Group and Toll Brothers are just three of the seven high-profile developers vying to build a waterfront hotel and residential complex on Brooklyn Bridge Park, the Wall Street Journal reported.

    The Brooklyn Bridge Park board will select among the three aforementioned proposals and ones submitted by Dumbo-based Two Trees, RAL Companies, SDS Procida and Dermot. The developers can build 170 to 225 hotel rooms and 150 to 180 residential units across two buildings no taller than 110 and 55 feet. … [more]

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  • David Tepper and a view of the Sagaponack mansion he plans to demolish
    This season’s hottest Hamptons real estate trend? Multi-million-dollar teardowns. According to the Post, some of New York’s most deep-pocketed buyers are planning demolitions of some of the East End’s priciest mansions. One such buyer is hedge fund manager David Tepper, who last May picked up a $43.5 million Sagaponack estate from Joanne Dougherty, the ex-wife of former New Jersey Gov. Jon Corzine, in the Hamptons’ priciest sale of 2010. He’s rented out the home for the summer to billionaire Henry Silverman for $900,000, after which he plans to raze it. David Walentas is also giving his East End mansion one last hurrah before leveling the property. … [more]

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  • Two Trees Management has signed a deal with the city’s School Construction Authority to build a 300-seat middle school within its planned Dock Street residential tower, moving ahead a project that’s drawn criticism from the likes of actress Helen Hunt, historian David McCullough and director Ken Burns. According to the Brooklyn Paper, Two Trees, which is run by father-and-son development team David and Jed Walentas, has agreed to pony up the construction costs for the middle school. The facility will be on the Dock Street side of their future 17-story building and is slated for completion in time for the 2014 school year. … [more]

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  • In a sign that the credit markets are loosening, two developers have secured $135 million of state-backed construction loans, Crain’s reported. Two Trees Management has closed on a $77 million loan to finance its Clinton Park residential and commercial project at 770 Eleventh Avenue in Hell’s Kitchen, the Brooklyn-based company’s first development in Manhattan, and its largest, at 1.2 million square feet. Landlords Savanna and Monday Properties closed a $58 million loan from private investor PCCP to fund a renovation at 386 Park Avenue South, a 20-story art deco office building in Midtown South. … [more]

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  • While David Walentas, owner of Two Trees Management and de facto baron of Dumbo, may spend his fair share of time in Brooklyn, the property owner has made his mark out east, as well. Walentas’ Bridgehampton farm is home to the annual Mercedes-Benz Polo Challenge — and, with an asking price of $95 million, is among the priciest Hamptons listings around. The 115-acre property, which has languished on the market for 21 months, was on display for the New York Observer, which provided a peek inside the lavish property. The farm, which includes a lap pool and equine facilities , includes some of Walentas’ more outlandish decor ideas, including a moose head he’s named “Moosilini.” [NYO]

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