In May of 2018, Emerald Creek Capital provided a $5,215,000 construction loan in the Gowanus neighborhood of Brooklyn, NY. The loan is secured by a to-be-completed six-story condominium building. The end product will contain nine residential condominiums and one retail condominium. The residential is comprised of five two-bedroom units and four one-bedroom units. The penthouse will benefit from a private roof terrace as well as a parking garage. The building also offers residents a recreation room and bicycle storage. Additionally, the grade retail will have approximately 60 ft. of frontage. The building will total 8,500 square feet of net sellable area. Gowanus is an industrial area of Brooklyn that has undergone a transformation through residential development and new businesses. The area is known for its art galleries, restaurants, bars, and breweries. The subject property benefits from access to the F, G, and R subway lines.
For more information, please contact:
Jeff Seidler, Managing Director