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.
“Can you repeat that, wasder? All I heard was bubbles. Just kiddin’ man! I know you’ll be alright and can take a shot every now and then. But seriously, after expenses, most buyers HAVE to be underwater right now”
Haha–we have finally found the groove for how to needle each other without flying into hysterics. But seriously there is no way to know objectively if I am underwater I guess. I do think given recent comps that my house has not plummeted precipitously in value. But I certainly have put money into it and paid lots of interest on the loan etc. so in absolute dollars if I sell in 10 years or 20 years it may be hard to compute the 2008 (year I purchased) worth of the place. Hopefully I won’t need to care too much because I will have had a good and satisfying run as a homeowner. But much remains to be seen…
>.Ron Paul, stevieb!
Agreed!
>>No because you are nasty, ill-informed (I was never a RE bull), and apparently slightly un-hinged
fsrg, sounds like the pot calling the kettle black here. You are quite nasty yourself and that is only matched by your ignorance.
>>you are an a$$hole
why? because I don’t buy your perma-bull arguments for why I should be buying nyc real estate today?
No because you are nasty, ill-informed (I was never a RE bull), and apparently slightly un-hinged
BHO-
There is too much bad debt out there for hyperinflation anytime soon. Much more deflating to come.
Ron Paul, stevieb!
Nice havelc! QOTD.
***Bid half off peak comps***
>>now the hipster who bought the top units is as poor as he/she has always pretended to be…
That hipster probably listened to antidope, 11217, and Benson.
ROTFL!
Havelc- now that was funny!
now the hipster who bought the top units is as poor as he/she has always pretended to be…
>>With mostly restricted stock? I don’t think so.
I am not so sure about that. I think the stock component is only 25% as some of the TARP banks.
There is no justice in this country!
Palin-Bachman 2012!