In December of 2021, Emerald Creek Capital provided a $25,000,000 bridge loan in the Long Island City neighborhood of Queens, NY. The loan is secured by a 30,467 square foot corner development site with 370 feet of frontage. Plans for the site include a 17-story mixed-use development consisting of 317 residential units under Grubb Properties’ Link ApartmentsSM brand above 9,000 square feet of ground-floor commercial space. Once complete, the subject property is ideally positioned to meet increasing rental demand in one of New York’s fastest-growing neighborhoods. Directly across the East River from Manhattan, Long Island City continues to evolve offering a vibrant restaurant and nightlife scene, waterfront parks, and new commercial and residential development. The subject property is prominently located in the central business district and has direct access to the M, R, and E trains at the Queensboro Plaza station.
For more information, please contact:
Dean Wang, Senior Vice President