In October of 2019, Emerald Creek Capital provided a $1,700,000 bridge loan in the Astoria neighborhood of Queens, NY. The loan is secured by a 4,000 square foot development site consisting of two adjacent lots with 50 feet of frontage. The borrower plans to develop the property into two identical 6-story mixed-use buildings, each containing 9 residential units above 775 square feet of ground-floor retail and 835 square feet of community space. Directly across the river from Manhattan, Astoria is a diverse waterfront neighborhood known for its trendy restaurants and bars, cultural institutions, and a multitude of small businesses. The community continues to undergo residential development, appealing to families and young professionals alike. The subject property is easily accessible by the N and W subway lines.
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