Brooklyn Developer Seeks Bankruptcy Amid Real Estate Pressures

Dupont Street Developers LLC, the owner of a residential development in the Greenpoint neighborhood of Brooklyn, filed for bankruptcy amid ongoing challenges for New York real estate.

• The company listed $57.1 million of assets and $58.9 million of liabilities in a Chapter 11 petition filed in the Eastern District of New York
• Dupont Street was developing an old plastics factory in Greenpoint, which had been beset with environmental challenges, into apartments, according to news reports
• The developer was also listed as a co-defendant with All Year Management on a lawsuit for breach of contract related to the project ...