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Two Trees About to Make Sweet Deal

NEW YORK CITY—The developer is in talks with New York State to secure over half of the financing it needs for the first building at its ambitious Domino Sugar Factory project in Williamsburg, Brooklyn.

By Rayna Katz | Updated on September 08, 2015

NEW YORK CITY—Two Trees Management reportedly has approached the state about a $180 million loan for the first building at its big Domino Sugar Factory site project in the Williamsburg section of Brooklyn, according to the Real Deal.

Known as Site E—and located at 352 Kent Ave.—the first tower is an 80/20 rental building and has been estimated to have a nearly $300 million price tag. The loan, which has been requested of the state’s Housing Finance Agency, would be backed by tax exempt bonds under affordable housing rules,  In all, the building will include 104 affordable housing units—with rents as low as $575 per month—as Two Trees previously pledged to the city, and will feature a total of 522 units.

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