Karl Fischer Row has a bit of Karl Fischer Woe. The Real Deal reports that 20 Bayard?the biggest of the infamous architect's many creations hovering over Williamsburg's McCarren Park?has filed for bankruptcy protection. Last seen hosting a group of Top Chef contestants, 20 Bayard is long since sold and occupied, so what's with the bankruptcy? It turns out that half the 64 units went rental, and the building's developer, Isaac Hager's North Development Group, now owes more than $10 million to over 50 creditors. TRD notes that bankruptcy filings are often used by developers to prevent foreclosure. The old brokers have a bit of insight into why half the building didn't sell: The developer wouldn't come down on prices. In the end, will it still be his decision?
· 20 Bayard condo files for Chapter 11 [Real Deal]
· 20 Bayard coverage [Curbed]