20 Bayard Goes Belly Up
The sponsors of the condo 20 Bayard Street have filed for Chapter 11, according to a story in the Real Deal. The development, which was the priciest of the three Karl Fischer Row buildings overlooking McCarren Park, first showed signs of being on shaky financial ground when about half of its units were offered as…
The sponsors of the condo 20 Bayard Street have filed for Chapter 11, according to a story in the Real Deal. The development, which was the priciest of the three Karl Fischer Row buildings overlooking McCarren Park, first showed signs of being on shaky financial ground when about half of its units were offered as rentals last winter. Sponsors North Development Group, which is led by Isaac Hager, owe upwards of $10 million to 50 different creditors, according to the bankruptcy filings. What will this mean for the people who bought there?
20 Bayard Condo Files for Chapter 11 [The Real Deal] GMAP
Photo by zachvs.
I said FOREVER ago that this place wasn’t selling and people called me out as being incorrect.
Ditto hit the nail on the head. If this one ain’t sold, a lot of the places the Williamsburg boosters “claim” to be sold, are not…
“This block looks like a scene from Total Recall.”
LOL. “I got five kids to feed!”…”Johnny Cab!”
“Do any of the posters above realize that they are talking about the Sponsor/developer, not the building??”
Uhh…yeah. Buildings are structures. They don’t file Chapter 11. They just sit there.
“The building is more than half sold, hence it is a viable condo.”
That’s so 2008. Today, you gotta be 75% sold. Right, Adam Dahill? Look, benson, the individual owners are screwed. This is going to be a big mess. Services will suffer and comps will collapse. You know you’re going to have some forced sellers soon.
***Bid half off peak comps***
If this place is still 50% unsold years after it went on sale…
i think most realize that benson.
while one may be worse than the other, that doesn’t mean that the developer/sponsor filing for Chapter 11 isn’t bad. it’s pretty bad.
I remember they belly laughs all round when this place set the record for the highest sale price of an apartment (actaully two joined together) in Williamsburg. The view from the top is pretty good though.
Nevertheless, the remaining unsold (and some unfinished) condos all around McCarren should take note and price reasonably. Then they’ll be ok. Otherwise Bayard’s exclusive club might get bigger real quick.
Do any of the posters above realize that they are talking about the Sponsor/developer, not the building??
The building is more than half sold, hence it is a viable condo. I would advise that folks actually read the story in the Real Deal before commenting.
This block looks like a scene from Total Recall.
“The sponsors of the condo 20 Bayard Street have filed for Chapter 11… what will this mean for the people who bought there?”
As knowledgeable and wordly as the good doctor is, the intricacies of bankruptcy law, as applied to aspiring hipsters who bought at the height of the real estate bubble, is even beyond the good doctor’s realm of expertise. Nevertheless, I am authorized to report that said doctor, M.D., believes the effect shall be rather deleterious upon the unfortunate and unwashed masses whom have descended upon such premises much as the Norweigen rat has been witnessed to flee sinking vessels.
They went rental because they refused to lower the sale prices. It’s what I was writing about last week. The NYC syndrome: Sell high whether or not anyone is buying.