In April of 2019, Emerald Creek Capital provided a $4,900,000 bridge loan in the East Village neighborhood of New York, NY. The loan is secured by a 5,400 square foot four-story mixed-use building situated on a 1,580 square foot lot. The zoning allows for a maximum buildable area of 6,320 square feet. The borrower intends to develop vertically to take advantage of the available air rights. The completed subject property will contain ground floor retail, commercial space on the second floor, and two residential duplexes above. The East Village neighborhood is a vibrant mix of professionals, students, and artists and is home to a variety of restaurants, bars, specialty shops, and boutiques. The subject property benefits from access to the L, 6, R, W, M, and F subway lines.
For more information, please contact:
Mike Cleaver, Managing Director