The Wall Street Journal just posted an article on the owners of the formerly stalled Gateway Condos (photo) and the sister building called the Lore. The FDB/8th Avenue developments (at 112th and 113th Street) started back in 2005 but when the construction loan collapsed in 2008, the Gateway was completely stalled in its tracks. The sister project, the Lore, was 90% complete and 65% sold when the financing also froze on that development. So now, new loans are in the picture (at a higher rate) and the light apparently is at the end of the tunnel for the buyers and the developers. Read more in the Wall Street Journal: LINK. Photo by Ulysses
Thursday, June 24, 2010
☞ READ: Gateway Condos Back in Business
The Wall Street Journal just posted an article on the owners of the formerly stalled Gateway Condos (photo) and the sister building called the Lore. The FDB/8th Avenue developments (at 112th and 113th Street) started back in 2005 but when the construction loan collapsed in 2008, the Gateway was completely stalled in its tracks. The sister project, the Lore, was 90% complete and 65% sold when the financing also froze on that development. So now, new loans are in the picture (at a higher rate) and the light apparently is at the end of the tunnel for the buyers and the developers. Read more in the Wall Street Journal: LINK. Photo by Ulysses
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I live across the street from The Lore - it has been sitting empty, fully completed, for at least a year and a half. At one point brokers were having open houses but I have not seen that lately.
ReplyDeleteKudos to the WSJ on this -- I've been wanting to know the full story (or at least a piece of the story) behind Gaetano and the status of these projects for some time.
ReplyDeleteThe takeaway from the article appears to be that they got screwed in a particularly appalling way. Their bank (WaMu) changed hands in midst of the credit crisis. J.P. Morgan (which had just bought WaMu) used *their own purchase of WaMu* as a "technical default" condition to dump the loan.
WTF! I feel sorry for these guys -- any lingering resentments over having this 90-100% completed building sit on my block for years, inexplicably empty, are now forgiven.
Had a contract on Gateway many years ago. Top floor, supposedly with a view of the park - but with the new taller building just south I doubt it actually will. SO glad I was able to get out of it when I did.
ReplyDeleteThis is an old thread and we will have an update in the coming weeks on some of the questions received.
ReplyDelete