In a move that stunned real estate executives and residents of the building, the sponsors of 20 Bayard Street in Williamsburg filed the condominium into Chapter 11 bankruptcy protection late [Friday] afternoon… According to documents filed in U.S. Bankruptcy Court in Brooklyn, the condo by North Development Group owed more than $10 million to more than 50 creditors.

The building is roughly half sold, with the remaining units rented out by the developer.

And I still think the reason the building hasn’t sold is because no one can figure out how to get into it.