Last month The Real Deal reported that a deal had been hammered out for an investment firm to buy unsold shares at the Williamsburg building 20 Bayard Street, and yesterday the $25 million agreement popped up in public records. The deal means that the investment firm Fortis Property Group now controls 37 apartments in the building and will eventually be able to sell them. The condo, which went partially rental, had a troubled history: Developer Isaac Hager filed for bankruptcy protection on the building a couple years ago, and its senior lender, W Financial, only recently settled the case.
Unsold Shares at Williamsburg’s 20 Bayard Go For $25M [TRD]
Judge Rules Against 20 Bayard Developers [Brownstoner]
Less Money, Mo Problems for 20 Bayard Developer [Brownstoner]
20 Bayard Goes Belly Up [Brownstoner] GMAP