Starting back in 2005, the Gateway Condominiums on FDB/8th Avenue, between 113th and 114th Street, promised a quick completion date but the development has been mysteriously inactive for the past four years. We noticed that in the last couple of weeks, the construction finally started again on the second phase of the project which would create 42 units of new apartments over the existing renovated 36 apartments from phase one. Apparently a few buyers were left in the dust five years ago and it is unclear if any have stuck around at this point. There was a single empty lot on this block that also was built over to accommodate the new units. Once this one gets finished, an additional 4,323 square feet of available retail space will open up on the street level at this section of lower FDB. Any insider info out there? Photo by Ulysses
Friday, May 14, 2010
☞ REVIVE: Will Gateway Condos Finish This Year?
Starting back in 2005, the Gateway Condominiums on FDB/8th Avenue, between 113th and 114th Street, promised a quick completion date but the development has been mysteriously inactive for the past four years. We noticed that in the last couple of weeks, the construction finally started again on the second phase of the project which would create 42 units of new apartments over the existing renovated 36 apartments from phase one. Apparently a few buyers were left in the dust five years ago and it is unclear if any have stuck around at this point. There was a single empty lot on this block that also was built over to accommodate the new units. Once this one gets finished, an additional 4,323 square feet of available retail space will open up on the street level at this section of lower FDB. Any insider info out there? Photo by Ulysses
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This seems to blend in better than the other developments. Are the current condos occupied?
ReplyDeleteFollow the money (or lack thereof). It's not just people who's credit lines get frozen, reduced, or shut down entirely. Happens to developers of all sizes...
ReplyDeletepart of the curtains are down according to that other blog,HCL.
ReplyDeleteThere is a sign up by the security shed that says the project will be finished in early 2011. That is a ways away. I am sure the people at Society are furious. I know I would be. There are a couple of websites listed on the sign but when I went to them they were static sites and did not provide any real info.
ReplyDeleteYeah, It is confusing ! I have done a search to find more details and a floor plan but nothing. But a few "real estate sites" say units have been sold already ?? What gives ? I will add it to my list of possible places....
ReplyDeleteThe developer is Gaetano who built The Lore on 112th - which sits empty after a full year or more. I found an article that said Gaetano sold off units in The Lore in batches to foreign investors. Something seems strange for sure.
ReplyDeleteJust looked up that place, The Lore. No, not a broker, but I am surprised that it hasn't shifted more units. The price per sq. ft seems pretty reasonable. Anybody know what the units are like?
ReplyDeleteI am one of those individuals who put a downpayment on a unit in Gateway Condos. And that was bin December 2004. I stuck it out until now and want to see it through to fruition. My contact at the realty company representing the project seems to think this will be completed toward the beginning of the forthcoming year.
ReplyDeleteI own a unit in the renovated part of the building - my unit, along with 32 other units that were sold in 2005 will be combined with the new construction part of the building. There is an article in the WSJ today if you want further details. Its been a difficult five years for the residents of the renovated part of the building. we're looking forward to seeing the project completed.
ReplyDeletehttp://online.wsj.com/article/SB10001424052748704629804575324962866503430.html?mod=googlenews_wsj