Investors in a stalled downtown Riverhead apartment building are committed to taking the project over the finish line without its troubled original developer, a lawyer for the investors said in an interview Monday.
G2D Construction is no longer involved in the development of the five-story, mixed-use apartment building located at 205 Osborn Avenue, said attorney Paul O’Brien of Bay Shore, who represents investors John Paci III and Jerome Wood. Together, Paci and Wood own a majority stake in the two companies that own the 205 Osborn property and The Shipyard, a four-story, mixed-use apartment building previously developed at 331 East Main Street by G2D.
G2D put the 205 Osborn project “in an economically unenvious position and created the host of issues that we’re dealing with now,” O’Brien said…