A part-owner of Williamsburg’s Domino development says he has an investor to bail out his struggling partner and save the project from foreclosure, the Brooklyn Paper reports. Last month, the original developer CPCR had defaulted on a $125 million loan, and began looking for buyers to take over the 11-acre, multi-tower development. CPCR eventually said it was not looking for buyers, just new investors. The Katan Group, which owns half the project, says it has now found just such an investor, though it won’t say who.
The relationship between Katan and CPCR has been sour of late; the former sued the latter last month to stop it from refinancing a loan, charging the developer with fraud and breach of contract. A hearing on the injunction will be held early next month.
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