The Lore at 261 West 112th Street
City construction projects that were stalled because of the economic downturn have recently been restarted, according to the Wall Street Journal. Developer Steven Gaetano of Gaetano Development Corp — a family-run company that’s been building moderately priced condos and rental apartments in Harlem for 14 years — is one example of the upturn. He lost bank financing on two condo projects after investing $9 million of his own money, but just refinanced them thanks to a new loan he negotiated with boutique investment firm G4 Capital Partners. Construction has now been restarted, but Gaetano said he does not expect to make a profit on the projects, both of which are in Harlem. One is the Gateway development, an 85-unit Condo On Eighth Avenue, between 112th and 113th streets. The other is the Lore, a 36-unit condo around the corner at 261 West 112th Street. [WSJ]