Katan Doesn't Want This Domino Deal to Go Through

Will the Domino drama never end? The Commercial Observer reports that the Katan Group, an owner of the 11-acre development site, is suing to block the $180 million sale of the site to Two Trees. (Two Trees signed the deal this June, and even then the Katan Group was making noise about the price being insufficient.) Katan is accusing CPC Resources, the development partner, of ignoring a bid from developer Joe Chetrit, ignoring higher bids of $190 and $200 million from two other firms, and of not conducting a proper sales process for the site. The suit also says Two Trees was given an extended closing time, despite the current owners’ mortgage accruing at $1.5 million per month. As The Commercial Observer sums it up: “Katan is seeking to nullify the blockbuster sales deal to Two Trees and terminate CPCR’s control of the sales process of the site as managing member of its partnership with Katan.”
Katan Sues To Block $180 Million Domino Deal [The Commercial Observer]
Confirmed: Two Trees In Contract To Buy Domino [Brownstoner]