W Financial’s Gregg Winter, 20 Bayard
A state Supreme Court judge awarded an $8.7 million judgment this week against the developers of 20 Bayard, the Williamsburg condominium that went into Chapter 11 bankruptcy in late 2009 af [more]
Posts Tagged ‘chaim lax’
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W Financial’s Gregg Winter, 20 Bayard -
W Financial’s Gregg Winter, 20 BayardA state Supreme Court judge awarded an $8.7 million judgment this week against the developers of 20 Bayard, the Williamsburg condominium that went into Chapter 11 bankruptcy in late 2009 af [more]
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20 Bayard (right)After months of trying to keep his Williamsburg condominium project afloat on rental income, developer Isaac Hager threw 20 Bayard into bankruptcy after he was unable to refinance the building loan or support the building’s monthly debt with outside funds, according to court documents obtained by The Real Deal. According to an affidavit filed in U.S. Bankruptcy Court by Martin
Ehrenfeld, director of sales and marketing at North Development and
restructuring officer of 20 Bayard Views LLC, the entity that controls
the condo, Hagar was unable to refinance a $17 million mortgage loan
from Manhattan-based lender W Financial Fund. He was also unable to
make a $170,000 interest payment and $85,000 extension fee that would
have extended the loan until Jan. 13, 2010.
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The development site at 421-431 Kent Avenue and N. Richard Kalikow (site photo source: PropertyShark)Brooklyn developer Isaac Hager is facing litigation after he allegedly took out a $17 million loan from N. Richard Kalikow’s Alpha Capital, and allowed his terminally ill business partner, Chaim Lax, to personally guarantee the loan, less than a year before his death.
Alpha, a firm controlled by Kalikow’s Manchester Real Estate and Construction, entered an agreement in October 2007, to lend the $17 second mortgage to Kent Wythe 9th Street, a firm led by Hager and Lax, who was at the time suffering from terminal cancer, according the lawsuit filed Nov. 20 in New York State Supreme Court.
In December 2007, the developer paid $42.6 million for a development site at 421-431 Kent Avenue and 464-474 Wythe Avenue in the Williamsburg section of Brooklyn, with plans to build several apartment buildings there, according to PropertyShark.com records and the complaint. [more]
