As promised, the court has handed down a ruling in the latest Domino lawsuit, developer Isaac Katan's attempt to stop a restructuring deal at the site. And? No injunction, according to the Commercial Observer. Which means joint site owner the Community Preservation Corporation is free to give the majority stake in the project to its lender. Both Katan and CPC will hold much-reduced stakes in Domino as a result. Of course, Katan hasn't given up the fight yet: his attorneys say Katan has a "newly-inked white-knight offer" in hand to bring "an experienced real estate developer" into the Domino mix.
Given all the factors involved here?the environmental remediation needed at the site, the work involved in restoring the Domino Sugar Factory building itself, and the fact that the planned condos are somewhat at odds with the current Williamsburg market?we're skeptical about this, as we were about the idea that someone might want to buy the site outright. The approved plans call for 2,200 residential units, two 34-story towers, two more buildings of up to 30 stories, and the restoration of the Domino buildings.
· Court Swats Down Lawsuit at Domino Factory Paving Way for Ownership Shakeup [Commercial Observer]
· Domino coverage [Curbed]