NEW YORK CITY-Community Preservation Corp. gained city approvals nearly two years ago to construct 2,200 apartments on the old Domino Sugar factory site on the Brooklyn waterfront, but the project work never commenced. The company defaulted on a $125-million loan on the 11-acre Domino property in December.
CPC has reached a tentative contract with Pacific Coast Capital to give an 84% stake in the property to the company in exchange for sparing the debt. The company requires approximately $50 million to start the project. For the full story, go to Wall Street Journal .
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