Developer Isaac Katan may soon be out of the picture when it comes to the redevelopment of the Domino Sugar complex in Williamsburg, according to a story in yesterday’s New York Observer: “The developer of the Domino Sugar Factory failed to receive an injunction in State Supreme Court Tuesday to block its partner from recapitalizing the proposed $1.5 billion project. The decision appeared to clear the way for the Community Preservation Corporation [CPC], a joint owner of the site, to proceed with a deal to hand the majority stake to the project’s senior lender, Pacific Coast Capital Partners, LLC. Isaac Katan, who has been a fifty-fifty partner with CPC in the 11-acre former factory, had launched the suit in March seeking an injunction on the restructuring deal because it would significantly dilute both his and CPC’s interest in the project, which sits along the Brooklyn waterfront in Williamsburg.” CPC and Katan have made the news recently for being at odds with each other over plans for the redevelopment of the huge, waterfront property. Katan vows to fight on, so Williamsburg’s biggest would-be development may be on ice for quite a time to come.
Court Swats Down Lawsuit At Domino Factory Paving Way For Ownership Shakeup [NYO]
Photo by Dan Nguyen