In December of 2018, Emerald Creek Capital provided a $17,000,000 acquisition loan in the Kips Bay neighborhood of New York, NY. The loan is secured by four adjacent mixed-use and multifamily properties. The buildings encompass 41 units and total 25,500 square feet of existing building area. The borrower’s long-term plan is to redevelop the properties into a 21-story luxury tower consisting of 90 residential units and 3,219 square feet of ground-floor retail. Located in the heart of Manhattan, Kips Bay is a popular neighborhood among students and young professionals who benefit from an array of dining, shopping, and nightlife options. The subject property is accessible by the 4, 6, N and R trains.
For more information, please contact:
Matt Fantuzzi, Senior Associate