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


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