Walentas says Two Trees would consider avoiding affordable housing at Domino site

New York /
Jun.June 28, 2012 01:00 PM

Jed Walentas of Two Trees, which last week signed a $185 million contract to buy the Domino Sugar Factory plant in Williamsburg, told the New York Observer that there may not be affordable housing at the waterfront development.

“I know there is a lot of interest in affordable housing in the community,” Walentas told the Observer. “If we can reach a broad level of support for more, and it is buildable, that is something we would consider.” The property’s former owner and developer CPC Resources had promised to make 30 percent of the 2,200 units affordable, though zoning did not mandate it. The promise was made official in a CPC-signed memorandum of understanding.

“That MOU was not signed by us and the zoning is what it is,” Walentas told the Observer.

However, Walentas said he still has no idea what Two Trees will do with the site. He said that affordable housing is not at the top of his list, but there are also other features the site can provide, such as schools or community space. [NYO] 


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)
Nonprofit plans affordable housing development near Essex Crossing
Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
Paul Fishbein pretended to own properties across the city, pocketing rental assistance checks in the process, authorities said. (Getty)
Landlord imposter pocketed $1.5M in rental assistance: Authorities
Landlord imposter pocketed $1.5M in rental assistance: Authorities
City Council member Justin Brannan (Getty, Justin Brannan via Facebook)
Council member wants to take up office-to-resi conversions debate
Council member wants to take up office-to-resi conversions debate
Veev CEO Amit Hallar (Veet, iStock)
Modular housing startup Veev raises $100M to build homes faster, cheaper
Modular housing startup Veev raises $100M to build homes faster, cheaper
From left: Shaun Donovan, Dianne Morales, Kathryn Garcia, Eric Adams, Ray McGuire, Andrew Yang, Maya Wiley and Scott Stringer (Getty)
Mayoral candidates tackle affordability, cancel rent in housing debate
Mayoral candidates tackle affordability, cancel rent in housing debate
Meredith Marshall (Photo by Emily Assiran)
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
“We need more housing”: Q&A with BRP Companies’ Meredith Marshall
A photo illustration of the 960 Franklin Avenue rendering with Continuum Company's Bruce Eichner (iStock, 960 Franklin/Illustration by Kevin Rebong for The Real Deal)
Apartment project near Brooklyn Botanic Garden is shortened
Apartment project near Brooklyn Botanic Garden is shortened
arrow_forward_ios

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

Loading...