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New York

Owner of Scarano-designed condo files for bankruptcy

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Water Street Realty Group, the owner of luxury Dumbo rental 133
Water Street, filed for bankruptcy protection today. The company has
$30.4 million in debt and assets of $20 million. The Robert
Scarano-designed, 52-unit Water StreetBuilding Was Bought By Water Street Realty for
$17.3 million in August 2006 and converted from condo to rental.