Representatives of Two Trees Management Co., now the official owner of the Domino Sugar Factory in Williamsburg, will be spending “significant time” in that community over the next few months to listen and learn from local residents and community leaders.
“This dialogue will help inform our decision whether to build the approved plan under the existing zoning, or to seek to improve upon it through a new public process,” said Jed Walentas, principal of Two Trees.
Although declining to comment further on specifics, Walentas did say his firm is “very excited about the tremendous potential to re-connect this long-dormant waterfront site to the rest of this vibrant neighborhood, bringing additional housing, jobs, open space and neighborhood amenities with it.”
“Two Trees is committed to delivering on that promise,” he added.
The former owner of the property, Community Preservation Corp. (CPC), a not-for-profit lender and builder of affordable housing, reported yesterday that the deal to sell the waterfront site was finally completed with Two Trees paying CPC $185 million.
CPC has indicated in the past that its goal was to find a well-established, reputable company that knows Brooklyn.
According to yesterday’s statement from Rafael Cestero, CPC president and CEO, “Two Trees has a track record in developing and revitalizing communities, and this deal is an excellent opportunity for Domino to become the vibrant, mixed-income waterfront community we envision it to be.”
The sale to Two Trees also means the CPC goal of delivering more housing to Brooklyn will be realized, according to Cestero.
“The sale of Domino heralds a stronger, more viable CPC, strengthening our ability to focus on our core mission of providing much needed capital for affordable housing across New York City and State,” he said.
Since 1974, CPC has invested over $5 billion in city projects and created nearly 100,000 units of affordable housing, in neighborhoods such as Crown Heights.