03/13/2012 10:57 am ET Updated Mar 15, 2012

Domino Sugar Factory In Brooklyn Up For Sale

The historic Domino Sugar factory in Williamsburg erected more than 150 years ago is now up for grabs, only a year after developers won a final lawsuit against neighborhood committees rallying for the site's industrial preservation.

Sources with knowledge of the sale say the development could be worth $2 billion.

In 2011, the Community Preservation Corporation was permitted to move forward with its plans to redevelop the site into multiple housing projects including 2,200 residential units and 660 affordable units.

The Commercial Observer reports that developers had been struggling to rework the derelict building coupled with a site that required extensive environmental labor.

The 11.5 acre-site stems back to the 1850's when the sugar industry dominated New York's economy.

Preservationist Mary Habstritt explained the factory's roots, "People who live in the neighborhood, a lot of them chose the neighborhood because of its industrial character. The factory is a major example of the fact that Brooklyn was a major manufacturing center at one point, and if we eliminate all the industrial history we're going to forget that part of our past."

Watch Undercity go explore the industrial site below: