With its large, bright yellow sign and front-row seat along the East River, the 155-year-old Domino Sugar plant has long served as a symbol of New York City's industrial heritage. But like so many manufacturing facilities here, the plant was shuttered, in 2004, presenting developers a sweet opportunity to acquire waterfront property in the desirable Williamsburg neighborhood. Real estate values here have skyrocketed in the past decade, and condo buildings, galleries, and restaurants are emerging at warp speed. Some luxury residential units are selling for up to $1,000 per square foot.
The Community Preservation Corporation Resources and the Katan Group swooped in to buy the Domino Sugar property for roughly $55 million. The developers then hired Rafael Vi'oly Architects (RVA) to transform the grubby, 11.2-acre factory complex into an attractive, mixed-use community.
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