In November of 2020, Emerald Creek Capital provided a $3,200,000 acquisition loan in the Lower East Side neighborhood of New York, NY. The loan is secured by a two-story plus mezzanine commercial building situated on a 2,226 square foot lot with 4,179 square feet of gross building area. The site falls within a C6-2 zone, an equivalent of the R-8 zone, offering advantageous zoning with an allowable zoning floor area of 13,401 square feet. The Lower East Side is one of New York’s most historic and diverse communities. The area has undergone considerable gentrification since the early 2000s, making it one of the city’s trendiest neighborhoods where upscale boutiques, contemporary art galleries, and restaurants line the streets. The subject property benefits from access to the F, M, J, Z, B, and D subway lines.
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