Two winners seen in Two Trees’ Domino Sugar deal

Property companies and city both said to gain from agreement, albeit modestly

Mar.March 10, 2014 04:10 PM

The deal the City Planning Commission struck with Two Trees Management to redevelop the Domino Sugar refinery in Brooklyn is being declared a win for the city — and real estate interests, too.

Last week the commission gave Two Trees the nod to construct a 2.9 million-square-foot retail, commercial and residential complex at  the waterfront landmarked 292-314 Kent Avenue — as long as the developer dedicates 537,000 square feet of the project to affordable housing, as The Real Deal previously reported.

The now-earmarked space is higher in square footage than Two Tree’s original proposal, by 7 percent, or 60 units. But the modest increase may reveal flexibility in the de Blasio administration’s affordable housing initiative, Crain’s reported. Mitch Korbey, a land-use attorney and partner at property law firm Herrick Feinstein, hailed the city in the compromise.

“I think our clients will look at this as an example of an administration anxious to have a dialogue,” Korbey told Crain’s. The city’s willingness to negotiate with developers will be clearer when the results of a comprehensive study of land-use policy in New York City are released at the start of May, Crain’s reported. [Crain’s ] Angela Hunt

Related Articles

A rendering of 165 Broome Street (Credit: Handel Architects)

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

35 Jay Street and Edward Minskoff (Credit: Patrick McMullan/Patrick McMullan via Getty Images, Google Maps)

Edward J. Minskoff Equities buys Dumbo property for $62M

Mayor Bill de Blasio delivered the message this week ahead of a formal plan to combat social gathering in the city. (Credit: Lev Radin/Pacific Press/LightRocket via Getty Images and Cindy Ord/Getty Images)

New York City to enforce social distancing at parks, playgrounds

CHIP's Jay Martin 

“The landlord is just a collection agent for the city,” CHIP head argues

The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

Mayor Bill de Blasio (Photo by William Farrington-Pool/Getty Images)

Mayor questions allowing condo construction during pandemic

Gov. Andrew Cuomo (Credit: Bruce Bennett/Getty Images, iStock)

Governor gives NYC 24 hours to make crowd-reduction plan