Brooklyn Daily Eagle
The DUMBO-based Two Trees real estate company agreed on Thursday to purchase the problem-plagued Domino Sugar refinery site in Williamsburg.
No price was announced, but the New York Times reported it as $185 million.
The site "offers an unparalleled opportunity to create a new vibrant and mixed-use community, bringing additional housing, jobs, open space and amenities to a long-dorman waterfront parcel," Jed Walentas, a principal of the family-owned Two Trees, said in a statement. "We look forward to working with local and community leaders to bring our expertise and track record of delivering high-quality projects to this wonderful community."
Two Trees is acquiring the 11-acre Domino site from C.P.C. Resources, which had planned a $1.4 billion residential development there.