Judge Rules Against 20 Bayard Developers
Guess we won’t be seeing the Flatbush Flatiron getting built anytime soon. Developer Isaac Hager, along with two of his partners, were ordered to pay $8.7 million to two financial firms that had provided bridge financing on their failed 64-unit condo project at 20 Bayard Street, reports The Real Deal. The developers had personally guaranteed…
Guess we won’t be seeing the Flatbush Flatiron getting built anytime soon. Developer Isaac Hager, along with two of his partners, were ordered to pay $8.7 million to two financial firms that had provided bridge financing on their failed 64-unit condo project at 20 Bayard Street, reports The Real Deal. The developers had personally guaranteed half of the $17.4 million loan that W Financial and BRT Realty Trust had provided back in 2008 after another lender had bailed on them. The developers managed to sell about half the units at 20 Bayard before throwing in the towel and deciding to rent the rest of them. The development went into bankruptcy last December.
Court Approves Judgment Against 20 Bayard Developers [TRD]
Less Money, Mo Problems for 20 Bayard Developer [Brownstoner]
20 Bayard Goes Belly Up [Brownstoner] GMAP
DH – Depends how high they go. If they build as high as the previous structure (Beauty Addiction) then lotline windows will not be impacted. But if they go higher, it looks like a few at 20 Bayard would get covered. Not sure how air rights work out with the new building.
There’s a really fugly building going up inbetween 20 Bayard and the Lotus, in that really small lot you can kinda see in the above picture.
Can’t remember if 20 bayard/lotus have any lot line windows – but if they do looks like they’ll be blocked!