20 Bayard Still Tied Up in Court
The developers of the 64-unit condo at 20 Bayard Street in Williamsburg continue to have legal woes. On Monday a bankruptcy judge ruled that 20 Bayard Views LLC’s “third amended plan for reorganization” under Chapter 11, “premised on the sale of 27 of the 37 unsold condominium units over five years,” was not up to…
The developers of the 64-unit condo at 20 Bayard Street in Williamsburg continue to have legal woes. On Monday a bankruptcy judge ruled that 20 Bayard Views LLC’s “third amended plan for reorganization” under Chapter 11, “premised on the sale of 27 of the 37 unsold condominium units over five years,” was not up to snuff, mainly because it would be too risky for the development’s biggest secured creditor, W Financial Fund. Last time there was news about 20 Bayard, which went into bankruptcy in December ’09, it was about how developer Isaac Hager and two partners were ordered to pay $8.7 million to a couple of financial firms—including W Financial—that had provided bridge financing.
In Re 20 Bayard Views, LLC [Leagle]
Judge Rules Against 20 Bayard Developers [Brownstoner]
Less Money, Mo Problems for 20 Bayard Developer [Brownstoner]
20 Bayard Goes Belly Up [Brownstoner] GMAP
if they sort this in the next 6-12 months, at least their market timing will be right this time!