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]


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