So Maybe the Domino Site Isn’t for Sale?

It’s difficult to keep up on the recent drama surrounding the site of the proposed mega-development at the old Domino complex in Williamsburg, but the quick recap is that first there were rumors that the site was for sale; then there was news that the Katan Group is suing Domino development partner CPC Resources for stuff like financial mismanagement; and now the Brooklyn Paper is reporting that CPC Vice President Susan Pollock says the firm is simply looking for new development partners and does not want to sell the site outright. More from the horse’s mouth: “Pollock hopes to find another investor and start construction on the first portion of the project, about 300 below-market-rate units, by the end of 2013. She also wants to renegotiate her company’s mortgage with lender Pacific Coast Capital Project to eliminate nearly $125 million in debt from the property.”
Domino Developers Now Say They’re Not Selling Site [BK Paper]

3 Comment

  • Which isn’t too different from all the other rumors – at least some of the project is “for sale”, and they are trying to restructure the $120+ million note that Pac Coast is holding.

  • Which isn’t too different from all the other rumors – at least some of the project is “for sale”, and they are trying to restructure the $120+ million note that Pac Coast is holding.

  • Lawsuit is no rumor but is fantasy island stuff. BK Papers got the story right.
    Whatever Pollock says goes. Lender cool we hear, working with them. Thousands of investors seeking a piece of BKLYN, they’ll have a choice !