The Real Deal New York

Three banks buy $175M in state bonds for Domino Sugar site project

Project is expected to cost $309M
April 13, 2018 09:00AM

Rendering of Domino Sugar Park and Jed Walentas (Credit: COOKFOX and Michael McWeeney )

A trio of banks has picked up $175 million in taxable bonds from the state for Two Trees Management’s mixed-use project at the former Domino Sugar Factory site.

M&T Bank, Wells Fargo and JPMorgan Chase purchased the bonds issued by the New York State Housing Finance Agency, the Commercial Observer reported. Wells Fargo led the buy, purchasing $75 million in bonds. The other banks each bought $50 million worth.

The Real Deal first reported Two Trees was seeking construction financing from the state’s housing finance arm for the Domino Sugar site . The project — a 22-story office building connected to a 42-story residential tower — is expected to cost $309 million.

Last year, Two Trees opened the first residential building on the site, 325 Kent, which received 87,000 applications for its 104 affordable units. The developer also signed a restaurant run by Michelin star chef Missy Robbins and the Clinton Hill-based eatery Mekelburg’s as retail tenants in the building. [CO] — Kathryn Brenzel