A few months ago, it was reported that Brooklyn mega-developer Two Trees was interested in buying the languishing Domino Sugar Factory, but there were some legal hurdles. Now it seems the hurdles are disappearing.
CPC Resources wants to sell the Williamsburg site to Two Trees, but CPC's development partner, Katan Group, (the partners bought the site for $40 million) has been trying to block sale, claiming that it doesn't approve of the sale to Two Trees. Plus Katan thinks the sale price, $185 million, is undervalued by tens of millions. Now Crain's reports, "The New York State Supreme Court Appellate Division First Department in Manhattan dismissed the interim stay [obtained by Katan] that would have prevented the sale of the site from closing."
CPC said in a statement, "We are thrilled with the Appellate Division's ruling today as it is the last major obstacle in our sale of Domino to Two Trees. We look forward to announcing the close of the sale in the near future, and to continuing CPC's mission to help finance quality affordable housing in New York." However, Katan is still fighting and looking at other legal avenues.
