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.
“It was an excellent off-market opportunity,” Zeus Capital Chairman Ed Rotter said in the statement. “The lack of land and difficulty of obtaining approvals for new rental communities [in the area] has severely constrained new additions to supply.”
CPC also entered contract to sell their most high-profile project to date, the massive apartment complex planned for the iconic former Domino Sugar Factory, to the Walentas’ Two Trees for $185 million in June.
During the boom, CPC got in over their head as a lender, originating $1.5 billion in loans for residential developments, and ended up in financial trouble when Lehman Brothers collapsed.
In March, nearly two-thirds of CPC’s condo loans were delinquent. — Guelda Voien