NEW YORK CITY-The Backer Group, a development and management firm based in Brooklyn, has registered for Chapter 11 bankruptcy protection for its Twin City Lofts. The entity owns a two-story industrial building measuring 50,000 square feet at 1050 Atlantic Ave. in Prospect Heights.
According to CoStar Property, The Backer Group acquired the building for $5 million in 2007. As per the bankruptcy filing, Twin City Lofts has listed total debts of $4.72 million and assets of $10 million. For the full story, go to Crain's New York Business.
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