In October of 2023, Emerald Creek Capital provided a $2,750,000 acquisition and renovation loan in the East Village neighborhood of New York, NY. The loan is secured by a four-story multifamily property with 4,364 square feet of gross building area. The sponsor plans on extensive renovations and an expansion of the property with a penthouse level that would bring the net rentable area to 4,732 square feet. The subject property is ideally located in the heart of one of Manhattan’s most popular neighborhoods, the East Village. Home to a mix of professionals, students, and artists, the East Village is a diverse and lively area offering a variety of hip restaurants, bars, and shops in addition to a vibrant art and music scene. The subject property is situated two blocks from the iconic Tompkins Square Park and benefits from access to the L, 4, 5, 6, N, Q, R, and W trains.
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