In July of 2018, Emerald Creek Capital provided a $2,700,000 acquisition loan in the Fresh Meadows neighborhood of Queens, NY. The loan is secured by 5 single-family townhouses with a total site area of 9,000 square feet and a combined frontage of 100 feet. Each townhouse is a two-story plus basement residence with 3 bedrooms, a private rear yard and a parking garage. The combined parcels are zoned for multi-family residential development and have a development potential of 27,000 square feet. Fresh Meadows is a desirable residential neighborhood, home to Cunningham Park and the Long Island Motor Parkway, an unused highway turned biking and walking trail. The subject property is located in close proximity to major thoroughfares including the Long Island Expressway, Grand Central Parkway, and Queens Boulevard, and benefits from public bus service to Manhattan.
For more information, please contact:
Matt Fantuzzi, Senior Associate