Updated Oct 29, 2024
Emerald Creek Capital Provides $13.75M Loan For East Village Development Site
14 2nd Ave, New York, NY 10003, USA
$13,750,000
$61/SF
Building Size
222,470 SF
Asset Type
Development Site
Closing
Sep 17, 2020
About this deal
AI
A development site located at 14 2nd Avenue in the East Village has been involved in a closed property transaction involving a loan. The loan amount for this transaction was $13,750,000, with a total square footage of 22,247. The lender in this deal was Emerald Creek Capital, represented by Jeff Seidler. The landlord of the property is Station Companies, represented by Dan Vislocky. The brokers involved were Justin Piasecki and Brandon Polakoff, representing Avison Young.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $13,750,000
- Square Footage: 22,247
- Lender: Emerald Creek Capital – Jeff Seidler
- Landlord: Station Companies – Dan Vislocky
- Brokers: Justin Piasecki & Brandon Polakoff – Avison Young
Jeff Seidler represented Emerald Creek Capital as the lender in this deal, while Dan Vislocky represented Station Companies as the landlord. Justin Piasecki and Brandon Polakoff, both from Avison Young, served as the brokers for this transaction.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Visit Brandon Polakoff to view all their deals.
Browse New York development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.15%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93