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]
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]
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]
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]
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]
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]
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]
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]
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]
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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