Despite brief interest from other buyers, it's full steam ahead for developer Two Trees at Williamsburg's Domino site. Two Trees has officially agreed to buy the waterfront property, according to Crain's and basically every other media outlet. The price isn't totally clear?Crain's says Two Trees will pay over $160 million and the Times specifies $185 million. Basically: a lot of money, but a number that doesn't seem quite so large in comparison to the $130 million Domino owner CPC Resources owed to lenders.
CPC's approved plans for the site called for 2,200 residential units, two 34-story towers, two more buildings up to 30 stories, and the restoration of the original Domino buildings (which look pretty cool in their unrestored state). But we shouldn't count on those plans staying the same?as Two Trees' Jed Walentas tells the Times, "There are probably some opportunities to make improvements on the plans." There's also developer Isaac Katan's legal action against CPC?part of a long dispute over the site's ownership?which could slow things up.
· Two Trees inks $160M Deal for Domino [Crain's]
· Developer to Take Over Domino Waterfront Project in Williamsburg [NYT]
· Domino coverage [Curbed]