Domino suit thrown out, paving way for Two Trees to close on site

New York /
Oct.October 10, 2012 08:45 AM

A legal battle over the fate of the former Domino Sugar Factory site has ended. The State Appellate Court yesterday tossed out a lawsuit brought against Two Trees by the site’s co-owner, the Katan Group, the Observer reported. Two Trees, which entered into a $180 million contract for the property in June, will now be able to close on the site and begin construction.

Katan had accused the site’s other owner, Community Preservation Corporation Resources, of undermining the business interests of their joint venture by ignoring higher bids on the 11-acre site.

The suit had already been struck down once in September but an appeals court later granted Katan a temporary injunction to review the case.

Two Trees is now scheduled to close on the Williamsburg waterfront factory on October 15. Two Trees has yet to indicate its precise building plans, however, CPCR had indicated that a $2 billion residential development is likely. The pressing question for many in Williamsburg  remains: Will there be affordable housing in the development? Two Trees chief Jed Walentas told the Observer in June that it remained to be seen. [Observer]Christopher Cameron


Related Articles

arrow_forward_ios
A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
On the dock-et: Shelter Island inn owner sues town
On the dock-et: Shelter Island inn owner sues town
From left: Brookfield’s Brian Kingston and Hospitality Investors Trust's Jonathan P. Mehlman with Hilton Garden Inn Monterey (Brookfield, Hospitality Investors, Hilton)
Brookfield hotel REIT sues insurers for denying pandemic claims
Brookfield hotel REIT sues insurers for denying pandemic claims
790 Madison Avenue, Thor Equities CEO Joe Sitt and Bert Dweck (Google Maps, Thor and Premier Equities)
Fashion house: After 2 years and 2 lawsuits, Sitt and Dweck still haven’t paid
Fashion house: After 2 years and 2 lawsuits, Sitt and Dweck still haven’t paid
Morgan Stanley's Ron Vinder and 212 West 18th Street (CORE Real Estate, Morgan Stanley, iStock)
Condo board fails to evict buyer of discounted 1MDB penthouse
Condo board fails to evict buyer of discounted 1MDB penthouse
Sovcombank board member Mikhail Vasilyevich Klyukin and renderings of 238 East 3rd Street (left) and 192 8th Avenue (right) (Sovcombank, Compass, iStock)
Sanctioned Russian’s disputed developer in attempt to “blow up” projects, suit says
Sanctioned Russian’s disputed developer in attempt to “blow up” projects, suit says
L+M's Ron Moelis with Knickerbocker Village, Lawsuit
Tenants’ civil war threatens L+M plan to buy 1,590 apartments
Tenants’ civil war threatens L+M plan to buy 1,590 apartments
From left: Jeffrey Simpson and Jared Chassen with 164 West 74th Street, Judge rejects Greystone’s
Judge rejects Greystone’s motion to dismiss condo conversion fraud case
Judge rejects Greystone’s motion to dismiss condo conversion fraud case
Yitzchak Tessler with 390 Concord Ave , Judge, Lawsuit
Judge rules Tessler must pay back EB-5 lenders on Bronx project
Judge rules Tessler must pay back EB-5 lenders on Bronx 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...