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NEW YORK CITY-The Backer Group, a development and managementfirm based in Brooklyn, has registered for Chapter 11 bankruptcyprotection for its Twin City Lofts. The entity owns a two-storyindustrial building measuring 50,000 square feet at 1050 AtlanticAve. in Prospect Heights.

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According to CoStar Property, The Backer Group acquired thebuilding for $5 million in 2007. As per the bankruptcy filing, TwinCity Lofts has listed total debts of $4.72 million and assets of$10 million. For the full story, go to Crain's New YorkBusiness.


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