NEW YORK CITY-Rubin Schron is in discussion to reorganize a debt of nearly $300 million that is supported by a 35-acre piece of industrial waterfront in Brooklyn. The developer has been trying to change the warehouse into artist lofts.
A group headed by Schron bought the property situated near the Gowanus Expressway in 1986. In 2007, Schron drew out loans that totaled nearly $300 million. The Schron group is sure that it will keep hold of the property by reorganizing the debt. For the full story, go to Wall Street Journal.
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