Photo: Doug Letterman/Flickr
In a twist to a story that’s been developing since 2004, Two Trees Management Co. has reached a deal with the Community Preservation Corp. and the Katan Group to purchase the abandoned Domino sugar refinery in Williamsburg.According to the New York Times, Two Trees will purchase the property for $185 million. But the deal still has to clear some legal hurdles.
The Katan Group, one of the current owners, maintains that it doesn’t approve of the deal, and may challenge it in court.
Katan’s attorney, Y. David Scharf, issued a statement saying he had first heard about the deal on Thursday.
“We are evaluating the contract, its terms and ramifications alongside what seem to have been offers with superior terms,” the statement read. “We have serious reservations about the propriety of the Two Trees deal.”
Also, Two Trees said it never made a legally binding promise to develop 30 per cent of the property into affordable housing — a promise the previous developer made to the public, according to the New York Daily News
At its prime, Domino was one of the largest sugar refineries in the world. The refinery closed in 2004.
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