Brooklyn-based Two Trees Management, which hasn’t built condos since the 1990s, has considered using its development sites to do just that.
When the company, run by Jed Walentas, dropped $185 million to buy the site of the former Domino Sugar factory from the Community Preservation Corp. in 2012, it intended to build more than 2,000 mixed-income rental apartments and office space.
The project, an 11-acre megadevelopment, was to be delivered in phases across several buildings using the 421-a tax abatement program.
Two of its buildings are already subject to using the tax program. Site D, a separate phase that will include 600 apartments across two towers, is already under construction and, because of this, will also qualify for the tax exemption when it’s complete.
But Site B, the 1 million-square-foot development that has yet to be constructed, is racing against the clock. Although its foundation was put in place before