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.
“Or maybe they work at a TARP bank and get the government to pay them huge bonuses!!!”
With mostly restricted stock? I don’t think so.
***Bid half off peak comps***
>>When did the “The What” and BHO mind-meld together?????
When are fsrg and antidope going to stop hurting people?
>>you are an a$$hole
why? because I don’t buy your perma-bull arguments for why I should be buying nyc real estate today?
you are a douche bag, fsrg. At least be a man and spell asshole the right way. loser.
When did the “The What” and BHO mind-meld together?????
fsrq,
Are you reading what you write? You’re adding to a list of historic fundamentals that, by virtue of their title, are anything but. Today’s interest rates and crime levels have nowhere to go but up until we have a REAL, sustainable recovery, not that fugazi reGOVery that Washington/Bankers are trying to pump. That’s what today’s buyers are faced with, the prospect of selling into that kind of market where affordability and flight are real risks.
The fundamentals always, ALWAYS, come home to roost.
This, BTW, is bigger than just RE. It’s a worldwide depression. A change in our standard of living. War. Hyperinflation.
***Bid half off peak comps***
stevieb – BHO is right about nothing (yet) – the market is not down 50% – not the condo market, not the Coop market and not the Brownstone market – call me when it is.
and let me say – I have ALWAYS said the market was overvalued (over long-term housing prices HAVE to be tied to income) so BHO and I have been, and may continue to be in agreement about the LONG-TERM trends in the market (at least where the market should be if it were rational)
– BUT claiming you were “right” about the RE market because a sponsor filed for chapter 11 is like saying you proved global warming because it was warm on December 2…it is just silly. and all your gloating is embarassing (for you)
oh and let me add – I havent seen to many of your post b4 stevieb- but I can make one prediction – you are an a$$hole
>>[ignoring extraneous feedback loop]
Don’t ignore it, antidope, that is your conscience calling you!
STOP HURTING PEOPLE WITH YOUR INCESSANT PROMOTION OF NYC REAL ESTATE!!
>>TODAY’s purchaser, by definition, hasn’t priced in anything! They are clueless unless they are getting half off peak comp or more on the price.
Or maybe they work at a TARP bank and get the government to pay them huge bonuses!!! People tend to be less careful when spending other people’s money, the tax payers’!!!
in nyc…
you’ll get kicked out of the house you *own* if you stop paying the mortgage faster than you’ll be evicted if you stop paying rent.
now do you feel like an owner or a renter?
[ignoring extraneous feedback loop]