In November 2016, Emerald Creek Capital provided a $14,200,000 construction loan in the Nolita neighborhood of Manhattan. Located on Bowery, the site falls within the Little Italy Special District. The loan is secured by a 3,715 SF development site that will be improved with a mixed-use luxury condominium building totaling 23,146 SF of gross building area. The borrower plans to build an eight-story condominium building that will include five residential units totaling 12,112 sellable SF and a 5,818 SF two-story retail condominium. Each residential unit will enjoy the benefit of outdoor space totaling 2,655 SF. Amenities for the residential units include a virtual doorman, private storage, and a common roof terrace. The site is located steps from the F subway line and benefits from access to the 4, 6, N, Q, R, B, M, J, and Z subway lines within a five-block radius.
For more information, please contact:
Jeff Seidler, Managing Director