Thursday, June 21, 2012

Walentas To Pay $185M for Domino Sugar Site

The Brooklyn Eagle, New York Times and other sources are reporting that Walentas' Two Trees Management agreed on Thursday to purchase the Domino Sugar refinery site in Williamsburg from [Community Preservation Corp.] C.P.C. Resources for $185 million.

That's $15 million more than the figure kicked around on June 11. The Real Deal reported at that time:
"The property’s owners, Community Preservation Corp. and the Katan Group, have engaged in a legal battle over development plans in recent months, and Katan is planning to block a sale to Two Trees."

A lawyer for Katan Group, meanwhile, told Crain's that his client was "surprised to learn" about the deal with Two Trees and made clear it did not approve. (Crain's reports the sales figure as $160 million.)

The original plan for the sugar factory called for the $2 billion development of 2,200 housing units, including 600 affordable ones.

Photo by MK Metz

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