In April 2016, Emerald Creek Capital provided a $15,000,000 acquisition loan secured by a 20,593 SF development site located in Williamsburg, Brooklyn. The subject sites are split zoned in the M1-2, R6, and R6A districts within the Special Mixed Use District MX-8 and within an inclusionary housing district in Brooklyn, New York. Permitted residential floor area ratios are 2.2 FAR in the R6 district and 2.7 FAR in the R6A district. Therefore, the subject can be redeveloped “as of right” with residential improvements up to 47,085 square feet of zoning floor area. Community facility uses are also permitted on the subject sites with a floor area ratio of 4.8, or a maximum development of 98,846 SF. The buyers plan to redevelop the subject with a 200-unit student housing facility comprised of approximately 92,438 SF. The site benefits from immediate proximity to the L & G subway lines.
For more information, please contact:
Mark Bahiri, Managing Partner, Co-Founder