The Real Deal New York

Two Trees to get city’s OK for Domino Sugar project

Developer says it will up the affordable housing bloc to 700 units
March 04, 2014 10:10AM

After reaching an agreement yesterday to reserve 700 units for affordable housing, Two Trees Management is set to receive city approval this week for the $1.5 billion project at the site of the former Domino Sugar refinery in Brooklyn.

Two Trees’ Jed Walentas also plans to boost the quantity of affordable units configured as both two- and three-bedroom units, instead of studios or one-bedrooms. The development is slated to hold about 2,300 units, 660 of which were initially set aside for affordable housing.

The city will provide a zoning change to allow for Two Trees’ towers to exceed 55 stories above the East River, in an area currently zoned for 35 stories.

“Buildings don’t get shorter over time,” Alicia Glen, deputy mayor for housing and economic development, told the New York Times. “Just like the buildings are permanently taller, the affordable units will be permanently affordable.”

The project will feature 2.4 million square feet of residential space, as well as up to 223,570 square feet of retail space and 143,076 square feet of community space. [NYT]Mark Maurer