Two Trees signs $185M contract for Domino site

TRD New York /
Jun.June 22, 2012 08:30 AM

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.

Developer Community Preservation Corp.’s financial difficulties stalled the development and threatened the inclusion of 660 affordable housing units and a waterfront esplanade it had originally planned to win local support. But years of speculative lending during the boom pummeled CPC and forced it to default on the loans.

CPC’s partner in the development, the Katan Group, tried to block the sale of the property to Two Trees, as it thought the original $160 million offer was too low. Katan gathered the Chetrit Group and David Bistricer to make a $185 million offer, which forced Two Trees to raise its initial offer. Related Companies and Silverstein Properties were also reportedly interested in the site.

“We’re super-excited about it,” said Jed Walentas, a principal Two Trees Management. “This is a long-term investment for us. There are probably some opportunities to make improvements on the plans.”

However, if those “improvements” include the removal of any of the affordable housing promised, Two Trees can expect a long battle with community activists, Williamsburg leaders told the Times. [NYT]


Related Articles

arrow_forward_ios
150 East 86th Street (Google Maps)

Barnes & Noble closing on Upper East Side

Barnes & Noble closing on Upper East Side
Joseph Chetrit and 88-20 153rd Street (Credit: Getty Images, Google Maps)

Chetrit plans fifth apartment building at Jamaica hospital site

Chetrit plans fifth apartment building at Jamaica hospital site
Two Trees’s Jed Walentas, Bjarke Ingels and a rendering of the project (Credit: Getty Images, BIG)

Two Trees unveils bold plan for Williamsburg towers, beach

Two Trees unveils bold plan for Williamsburg towers, beach
Joseph Chetrit and 98 Montague Street in Downtown Brooklyn (Credit: Getty Images and Google Maps)

Chetrit Group lands $112M refi for Hotel Bossert project

Chetrit Group lands $112M refi for Hotel Bossert project
Joseph Chetrit and a rendering of 150-13 89th Avenue (Credit: Getty Images)

Chetrit nabs $200M refi for huge Jamaica project

Chetrit nabs $200M refi for huge Jamaica project
Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

This is what Brookfield’s South Bronx megaproject will look like
Chetrit buys national portfolio of 10K+ rental units

Chetrit buys national portfolio of 10K+ rental units

Chetrit buys national portfolio of 10K+ rental units
Joseph Chetrit and 500 Metropolitan Avenue

Chetrit Group lands $133M refi for Williamsburg resi, hotel project

Chetrit Group lands $133M refi for Williamsburg resi, hotel project
arrow_forward_ios

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

Loading...