Domino developer blasts secret report

New York /
May.May 06, 2010 09:30 AM
Susan Pollock, SVP of CPC, and Domino Sugar Factory sign

CPC Resources, the development team looking to transform the one-time Domino Sugar Factory in Williamsburg into a residential complex, is fighting back against a secret report compiled by the Department of Housing Preservation and Development, which claims that CPC stands to make more than $400 million from the project, according to the Brooklyn Paper. The report, which was compiled in 2006 but only became public this week, said that CPC could make as much as $447 million from the 2,200-unit building, despite the developer’s promise to keep 660 of those units permanently affordable. Susan Pollock, senior vice president of CPC, however, said that the report is incorrect on numerous details about the project. “It’s wrong as to construction costs, sales prices, market price, fixed cost, land and pre-development costs, taxes and finance costs,” Pollock said. “There is absolutely no resemblance to the project we are proposing.” [Brooklyn Paper]


Related Articles

arrow_forward_ios
Trust-fund kids exploit NY housing subsidy program
Trust-fund kids exploit NY housing subsidy program
Trust-fund kids exploit NY housing subsidy program
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
At wits’ end over stalled project, “Skybox Chelsea” developer sues partner
Project Renewal CEO Eric Rosenbaum, Attorney Adam Leitman Bailey and 27 West 11th Street. (Google Maps, Facebook via Project Renewal, Bailey)
Greenwich Village site eyed for shelter has asbestos issues: lawsuit
Greenwich Village site eyed for shelter has asbestos issues: lawsuit
Housing Expert Shaun Donovan on his Bid for NYC Mayor
Shaun Donovan can do housing. Can he do politics?
Shaun Donovan can do housing. Can he do politics?
New York City Council Speaker Corey Johnson and Mayor Bill de Blasio (Getty)
City’s housing plan suffers major blow in “painful” budget
City’s housing plan suffers major blow in “painful” budget
A rendering of The Dime at 209 Havemeyer Street in Brooklyn (Credit: Fogarty Finger)
New city rule requires luxury rental buildings to house homeless families
New city rule requires luxury rental buildings to house homeless families
(Credit: iStock)
What’s wrong with J-51? Plenty, landlord reps say
What’s wrong with J-51? Plenty, landlord reps say
Louise Carroll (Credit: Twitter)
De Blasio selects Louise Carroll as new
HPD chief
De Blasio selects Louise Carroll as new
HPD chief
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...