Two Trees Bids $160 Mil for Domino, Katan Wants More

Emboldened perhaps by the success of their recent hotel venture on Wythe Avenue, the Walentases are making a bold play for a much bigger piece of the Williamsburg pie: The Daily News first reported yesterday that Dumbo-based Two Trees Management has put in a bid of more than $160 million for the troubled 12-acre parcel just north of the Williamsburg Bridge on the East River Waterfront; Crain’s then reported that a preliminary term sheet had even been signed. Two Trees was reportedly one of a half-dozen developers in recent weeks to make an offer to the Community Preservation Company, which has been in a legal battle with its development partner Katan Group. “We are studying the possible deal, but one thing is obvious: CPC is undervaluing the asset yet again,” said a spokesperson for Katan. The Daily News says that Katan puts the value of the property, which his joint venture paid $55 million for in 2005 at more like $200 million. Two Trees was not available for comment but Dave Maundrell from Aptsandlofts.com had this to say”“Two Trees know how to build on the waterfront and they know historic conversion. They would get this done. If it gets held up in court, it’s the people of Williamsburg who lose. Right now, Domino is like this void in the neighborhood.” We agree with Dave: Two Trees would be great for this project.
Domino Site May Be Sold for More than $160 Mil [NY Daily News]