The Domino Sugar Plant in Williamsburg was at one time the largest sugar refinery in the world. Now it sits as an unused relic of a previous age when Williamsburg was an industrial waterfront.

Two Trees, the developing company “who made DUMBO desireable,” is working out a deal to buy the unused property. The price tag for the lucrative acquisition is set for $160 million. Though nothing is set in stone, Community Preservation Corporation Resources, the co-owner of the site, is working finish negotiations within the next couple of weeks.

According to the Brooklyn Paper, the original 2010 rezoning called for “high-rise towers capped at 34 stories, shuttle bus service to the J train, and more than 600 apartments with rents below the market rate.”

(Photo: Loozrboy/Flickr)