In April of 2019, Emerald Creek Capital provided a $4,900,000 bridge loan in the East Village neighborhood of New York, NY. The loan is secured by a 5,400 square foot four-story mixed-use building situated on a 1,580 square foot lot. The zoning allows for a maximum buildable area of 6,320 square feet. The borrower intends to develop vertically to take advantage of the available air rights. The completed subject property will contain ground-floor retail, commercial space on the second floor, and two residential duplexes above. The East Village neighborhood is a vibrant mix of professionals, students, and artists and is home to a variety of restaurants, bars, specialty shops, and boutiques. The subject property benefits from access to the L, 6, R, W, M, and F subway lines.
For more information, please contact:
Mike Cleaver, Managing Director