In April of 2022, Emerald Creek Capital provided a $4,655,000 acquisition loan in the Chelsea neighborhood of New York, NY. The loan is secured by a 3,828 square foot site with 27.5 feet of frontage currently improved with two buildings totaling 8,342 square feet. The sponsor plans to redevelop the property to maximize the zoning floor area of 21,906 square feet. As one of Manhattan’s most desirable and centrally located neighborhoods, Chelsea continues to see restoration and redevelopment of its many brownstones in addition to new development of luxury condominiums and office spaces. The area is a destination for art, shopping, restaurants, and nightlife. The subject property is located minutes away from Chelsea Market and the High Line, and benefits from access to the A, C, E, L, 1, 2, 3, F, and M subway lines.