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Bankrupt in Tribeca

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Crain's reports that Tribeca 5, a West Broadway condo conversion snatched up by developers in 2005, has filed for bankruptcy. The building is 95% finished, but delays caused the offering plan to be revoked and buyers rescinded their contracts. The five units were priced in the $2.5 to $3 million range. The developers are pinning the blame on the projects lender, which "failed to deliver its $11 million acquisition and construction loan in a timely manner." Personally, we blame Xenu. [Crain's]