NEW YORK CITY-Community Preservation Corp. gained city approvalsnearly two years ago to construct 2,200 apartments on the oldDomino Sugar factory site on the Brooklyn waterfront, but theproject 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 Capitalto give an 84% stake in the property to the company in exchange forsparing the debt. The company requires approximately $50 million tostart the project. For the full story, go to Wall Street Journal .
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