Category: Articles
-
Related, Silverstein Also Looked at Domino
The Commercial Observer has more information on the Two Trees acquisition of the Domino site, including the fact that two other major developers – The Related Companies and Silverstein Properties – were interested in the site. The Observer seems to agree with everyone else (myself included) that Two Trees is a good fit for the…
-
Community Anxious Over Possible Domino Sale
Crain’s has some follow up community reaction to the news that Two Trees might be buying the Domino site. Apparently the community, or at least Isaac Abraham, is “anxious” about the sale: Any developer or investor who wants to purchase Domino without committing itself to the 660 affordable units, should really think twice,” said Isaac…
-
Two Trees to Buy Domino?
The Daily News and Crain’s are reporting that CPCR has reached a deal with Two Trees to sell the Domino project for $160 million. CPCR and its partner Isaac Katan bought the Domino site in 2006 for $55 million. Since then, they have rezoned the property for residential use and gotten stuck in a morass…
-
77 Commercial Street Sells
According to the Real Deal, Manhattan-based Chetrit Group has purchased the 95,000 sf warehouse at 77 Commercial Street in Greenpoint. The property is one of the northernmost waterfront parcels that were rezoned to residential in the 2005 rezoning, and the potential development on the site could in a big, bigger or biggest development scenario. It…
-
Say Goodbye to the Salvation Army
Brownstoner notes that the demolition of the Salvation Army building at Bedford and North 7th Street is imminent (the site appears to include the stucco building adjacent at 153 North 7th Street too). What will go in its place, though, remains a mystery. Brownstoner has an image of a zoning diagram showing a two-story commercial…
-
Things Get Worse at Domino
Crain’s reports this morning that the partners in the Domino project are in court, with Isaac Katan, the long-silent partner in the deal, alleging mismanagement, “misdirection and inaction” on the part of CPC Resources. According to Katan, CPCR has nothing to show for the over $100 million in equity and financing that the project has…
-
Lured by Profits
Charles Bagli has an in-depth piece in today’s Times on the fall of Community Preservation Corp. There is not much in here that I hadn’t been hearing in bits and pieces over the past few months, but still, seeing it all together is jus incredible. Real estate deals like Domino (though Domino is far from…
-
50 Best Blocks in Brooklyn
The L Magazine has published its annual list of the best blocks in Brooklyn – an eclectic and fun 29-page clickfest through the entire borough. Some annotated local highlights: 11. Best Example of Gentrified Ugliness: North 3rd between Berry and Bedford. Quadriad’s development on the south side street (fully rented out on the retail side,…
-
Domino for Sale
In news that should surprise no one (but is surprising nonetheless), the Observer reports that the Domino site is on the block. Apparently, the Katan Group and their development partner CPC Resources have been shopping all or part of it to potential buyers. A spokesman for CPCR told the Observer: We are pursuing various options…