The Commercial Observer reports that developers Community Preservation Corporation and the Katan Group have been looking to sell all or parts of the Domino factory development to new buyers. The massive project, which was green-lighted in 2010, was supposed to involve the restoration of the factory in addition to the construction of several high rises. The development was supposed to result in 2,200 residential units, 660 of which would be affordable. The real estate folks the Observer quotes in the article point to several challenges the project faced, including the onus of constructing so much affordable housing and the high cost of renovating the factory itself.
From the Daily News:
The owner of a long vacant Queens movie house has found a financial backer to help overhaul the property, the Daily News has learned.
Rumors have been swirling in Flushing that the historic RKO Keith’s theater, which has sat vacant for more than 20 years, could change hands for the third time in a decade. There was also talk of a potential buyer already in contract to buy the theater less than two years after developer Patrick Thompson purchased the Northern Boulevard property.
But Mike Nussbaum, a representative for Thompson, said on Monday that the developer is not only sticking by the plan, but has found a partner to help get his $160 million vision off the ground.
“He is still involved, still bullish on doing this project,” Nussbaum said of Thompson, who snagged the foreclosed property for $20 million in 2010.
Nussbaum would not name the backer and only said the partner is based in the U.S.